Recently, popular New Zealand-based crypto analyst Lark Davis (@TheCryptoLark on Twitter) said that he could see in the future a $2 trillion market cap for Ethereum ($ETH).
Speaking in a new YouTube video, Davis told viewers that Ethereum is not that far off from reaching Apple’s market capitalization of $2 trillion. Davis highlighted Ethereum’s involvement in decentralized finance (DeFi) and non-fungible tokens (NFTs).
As reported by The Daily Hodl, Davis said:
I would say in the future a $2 trillion market cap for Ethereum is not actually that insane. I mean, right now Apple… the market cap currently for Apple is just a little over $2 trillion, almost $2.1 trillion. So we could see something like Ethereum which is the settlement layer of the cryptoverse right now with NFTs and DeFi and daily settlement, for payments and stuff like that. Although I’m crazy, I think this bad boy has a lot of room left to run.
Davis mentioned that decentralized exchanges were blowing up in volume, giving bullish signals for Ethereum:
The number of users still has a massive exponential growth potential here, so that’s something to keep in mind. We’ve also seen the decentralized exchange volume absolutely fricking exploding up 8,500% in the last 12 months as well so we can see the user base, the actual economy of Ethereum is growing like crazy because there’s actually stuff you can do on Ethereum.
Davis also highlighted the attention being given to Ethereum by Ark Invest’s Cathy Wood:
“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.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.