Is Ethereum the largest trade in the world?
The second largest cryptocurrency by market capitalization, Ethereum, has been the subject of discussion following its latest report. hard fork. The long-awaited upgrade pushed ETH surpassed the $2.7K mark with daily gains of 4% and weekly gains of 15%.
Real Vision founder and CEO Raoul Pal is the latest to give his thoughts on the project. subject. According to his analysisThe altcoin's current chart pattern represents a wedge like that seen on Bitcoin's chart in 2017. This “gives it an upward projection of a $20,000 price level,” he said.
![](https://ambcrypto.com/wp-content/uploads/2021/08/Screen-Shot-2021-08-06-at-2.47.47-PM.png)
![](https://ambcrypto.com/wp-content/uploads/2021/08/Screen-Shot-2021-08-06-at-2.47.47-PM.png)
Source: Twitter
However, graphical models alone may not be enough to project such exponential growth. Pal also shares this opinion, with the proponent also making a point of raising other bullish aspects of Ethereum. Take for example the growth of the ETH network.
“ETH is growing 50-60% per year, compared to 30% per year for BTC, which is astonishing growth on a large scale.”
What else, Ethereum network hash rate, at press time, had risen to 586.15 TH/s, up from 194.38 TH/s a year ago.
According to Pal, Ethereum is where “the most significant innovation in the blockchain space (DeFi, NFT) is happening.” In the long term, it will outperform all other cryptocurrencies, he added.
At this point, it’s also worth considering staking as a bullish feature. More than 6.4 million Ether – worth over $18 billion at press time – has already been staked on the ETH 2.0 network, according to Etherscan.
DeFi growth itself has been bullish, with around $73 billion in locked value. In fact, such has been his pace that Ark Investment's Cathie Wood was quick to applaud him recently.
.@ARKInvestissement applauds DeFi innovation evolving on and around the #Ethereum blockchain. https://t.co/QvK5JA1sIY
– Cathie Wood (@CathieDWood) August 6, 2021
As expected, the topic of London Upgrade and EIP-1559 also came up during the interview. This controversial upgrade is expected to have a significant impact on the network, particularly on gas prices. Over the next upgrades, Ethereum will “reduce supply somewhat, say from 4% to 2%” in the long term.
These developments, together, form the basis of Pal's optimistic Ethereum projections, with the proponent adding:
“…by December or March next year (2022), as 1559 passes, everyone with a large stake will realize that the price is increasing, and more people will focus on 2.0 to get the performance.”
“This is one of the best setups I have seen, arguably better than BTC in March 2020,” he concluded.