VanEck predicts the growth of Ethereum within 7 years

The news that the US President signed into law a limit on the US government debt in order to prevent a default did not have a significant impact on the cryptocurrency market. Major players are still waiting, analysts say.

The position of bitcoin is still uncertain. Over the past week, the first crypto coin broke the $28,000 level, but this did not last long. BTC is currently trading at around $26,500.

Despite the formal prevention of the threat of a possible default in the US, analysts believe that the threat of the US dollar losing its leading position among fiat remains relevant. And in this case, investors can en masse turn to risky assets, for example, bitcoin.

“The US has threatened its reserve currency status over the debt ceiling drama,” said BlackRock CEO Larry Fink.

The prospects for BTC are also positively assessed by the analytical company Glassnode. Experts believe that investors are now in a transition phase. This is when the value of a crypto asset turns out to be slightly higher than the costs of investors. From this point, there are two ways out further — to correction or “to euphoria”.

According to BitRiver analyst Vladislav Antonov, “despite a slight decline in bitcoin, the external background remains positive, which may contribute to the continued growth of risky assets.”

“Seasonal cycles are now on the side of the buyers and act as a tailwind for bitcoin,” the expert said.

Ethereum has not seen significant price changes, but this may change soon. Now the number of coins on crypto exchanges is at a minimum and is less than 10%. The payment for transactions in ETH also decreased, as indicated by Santiment analysts.

“Ethereum average fees are back down to earth after their high of $14 per transaction in early May. Greater availability spurs greater usability. In addition, the second crypto asset is at its all-time low of 9.9% on exchanges as non-custodial wallets rule the roost,” the company noted.

VanEck predicts the growth of the second most popular crypto coin within 7 years. Analysts believe that the price of Ethereum could rise to $11,849, i.e. 6 times higher than the current price.