Crypto Trader Lark Davis says Ethereum’s (ETH) value could rise over 500% from its current price as he sees the leading smart contract platform’s market cap rising to trillions of dollars.
David in a recent video said that Ethereum reaching a similar market cap as tech giant Apple($2.118T) is not far-fetched. This is by considering the recent growth in Decentralized Finance(DeFi) and Non-Fungible Tokens (NFT) which are largely powered by the Ethereum network. He also stated that Ethereum is now the settlement layer of the cryptoverse due to the fact that NFT and DeFi run on its network.
A $2T market cap for Ethereum means an upside movement of more than 500% from its current valuation of $331.2B billion.
Davis also talked about the attention Ethereum is receiving from institutional investors and other big players in the investment space. He referenced Cathy Wood of Ark Investments' interests in Ethereum.
“Cathy Wood’s Ark Invest, they for the first time ever, have bought Ethereum. They bought 639,000 shares of Grayscale’s Ethereum Trust. That is pretty gosh darn amazing. That means that Ark Invest has been looking into Ethereum more and more. They have been understanding what the value propositions of Etheruem are. And this is them literally putting their money where their mouth is and buying Ethereum and getting direct exposure to the asset class. This is a big deal because Cathy Wood’s Ark Invest, a lot of people pay attention to what she buying, what her firm is investing in, so them getting into Ethereum, that is a big deal now.” said Davis.
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