In a significant turn of events, Ethereum (ETH) has experienced its largest three-day gain of 2024, soaring by 21% following Donald Trump’s victory in the U.S. presidential elections. While institutions have been actively accumulating Bitcoin through spot Bitcoin ETFs, the sentiment towards Ethereum has been somewhat mixed until this recent spike. This surge in ETH prices has captured the attention of ‘smart money’, evidenced by a net inflow of $132 million into Ethereum ETFs between November 6 and 7.
Market Optimism and Standard Chartered’s Bold Forecast
The broader market is currently thriving on waves of optimism, driven by the anticipated Trump win and a 25 basis points Federal Reserve rate cut. Standard Chartered has made a daring prediction, suggesting that Ethereum could soon reach the $10,000 mark, igniting further optimism in the market. The report also highlighted Bitcoin’s potential for a strong bull run, possibly reaching the $200,000 level.
Standard Chartered Foresees Ethereum Price To Hit $10,000
According to a recent report, Standard Chartered envisions a fourfold increase in the overall crypto market cap by the US mid-term elections in late 2026. The current market cap, which could soon approach the $2.5 trillion threshold, might potentially reach the monumental $10 trillion level if the bank’s prediction holds true. Additionally, the bank reiterated its previous target for Ethereum at $10,000, suggesting that the second-largest cryptocurrency by market cap could breach this level soon after 2025 concludes.
What Could Drive Such a Massive Rally for the Assets?
Geoffrey Kendrick, Standard Chartered’s Head of Research, cited several factors for this bullish outlook, including the recent Trump victory and anticipated relaxation in crypto regulations. He articulated that Trump’s presidency might usher in crypto-friendly policies, boosting digital asset adoption in the near term. During his campaign, Trump promised to dismiss SEC Chair Gensler on his first day in office, sparking speculation about Gensler’s potential departure this year. With a shift in SEC leadership and a more lenient regulatory landscape, the firm expects the SEC to take a softer approach towards cryptocurrencies under Trump’s administration.
Renowned crypto market expert Ali Martinez also commented in a recent post that Ether reaching $3,000 is “just the beginning” of its bull run. He previously suggested that ETH could follow a similar trajectory to the S&P 500, potentially reaching $10,000 in the future.
What’s in Store for Bitcoin?
Alongside Ethereum’s anticipated climb to the $10,000 level, Standard Chartered also forecasts Bitcoin reaching the $200,000 mark. The report indicated that Bitcoin and leading altcoins like Solana and ETH are likely to reap significant benefits under the new administration. Furthermore, Standard Chartered considered the possibility of the US adopting Bitcoin as a strategic reserve, which could expedite its growth, though it acknowledged the likelihood of this happening is currently low.
At present, Bitcoin is trading at $76,480, reflecting a 0.3% increase over the past 24 hours. Ethereum, having surpassed the $3,000 milestone, is trading at $3,050.64, marking a 3% rise in the same period, with a trading volume of $32.76 billion.
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