In the rapidly challenging and dynamic world of cryptocurrencies, Ethereum (ETH) the second crypto leader after Bitcoin (BTC) has the potential to rise beyond its previous all-time high in 2024, according to an analyst.
Ethereum To Produce Millionaires In 2024?
Lark Davis, a crypto analyst has recently shared his optimism about the future of Ethereum while disclosing his price prediction for the asset.
According to Davis, the price of Ethereum will experience a significant uptick leading its price to $10,000 or $15,000. Although Davis notes that ETH may rise to these levels, representing significant returns, he emphasizes that holding ETH alone isn’t the secret to “financial success.”
The crypto analyst revealed his predictions for the crypto asset during one of his latest YouTube videos. In the video, Davis delves deeply into Ethereum’s unrealized potential, highlighting that the asset will make “many millionaires but not how we think.”
With Ethereum’s price at $2,295 right now, investors might enjoy a 600% return if Davis’ projections come to pass. However, he asserted that there are even more profitable options to pay attention to.
Davies further highlighted that the “true financial game-changers” on Ethereum rest on its Layer 2 solutions. These include layer 2 platforms like ZKSync, StarkNet, among others.
He emphasizes that in comparison to Ethereum’s primary asset, these Layer 2 platforms are the centers of “potential rapid expansion.” Meanwhile, he presented the case of Celestia, which value rose by 500% in just a month after it was listed, to back up his projections.
Furthermore, he also noted that it is important to “keep an eye out for newly listed tokens” on these Layer 2 networks. This is because he believes that it could be a game-changer for investors seeking substantial returns in a short period.
The crypto analyst also points out potential airdrops as another aspect that can be “very productive.” He asserted that these airdrops have the potential to be more profitable than “traditional Ethereum investments.” This is because they provide more immediate and possibly greater returns.
ETH Investors Unshaken By Crypto Winter
Recent data has revealed that over 70% of Ethereum supply has not been moved in the past year. Data from market intelligence firm IntoTheBlock shows that the overall supply held by long-term holders (LTH) of ETH has increased to an unprecedented level.
IntoTheBlock took to X (formerly Twitter) to share this achievement with the crypto community. Generally, the hands with the lowest likelihood of moving their coins are known as LTHs.
The total quantity of supply that HODLers kept for more than a year can be used to track their movements. According to statistics, a holder’s likelihood of selling their crypto assets at any time decreases the longer they hold onto them.
Featured image from iStock, chart from Tradingview.com