Ethereum (ETH) Price to Surge Orders of Magnitude, DeFi Involved, Analyst Says

News
Wed, 06/17/2020 - 12:15
Vladislav Sopov
Joseph Todaro, a managing partner and reseacher from the Blocktown Capital hedge fund, predicted the level the Ethereum market cap could reach if DeFi succeeds
Cover image via stock.adobe.com
Contents

Mr. Todaro has been involved in cryptocurrency investing since 2013. He believes that the next bullish cycle could be good for Ethereum (ETH) market capitalization.

One trillion USD is in the cards?

Mr. Todaro reminded his Twitter followers of the narrative during the ICO euphoria in 2017. In this period, the community was expecting the Ethereum (ETH) market capitalization to reach $100B. In the next rally, the targets could be orders of magnitude higher, according to the analyst.

Image via Twitter

According to the analyst, one trillion USD could the next Ethereum (ETH) milestone. And it is the decentralized financial instruments market that may bring Ethereum there.

At press time, Ethereum (ETH) market capitalization is $26.024B for over 111M Ether in circulation. If the Ethereum (ETH) market cap breaks $1T, its price would multiply by about 30. 

So, we can expect a four-digit Ethereum (ETH) price very soon, according to this prediction.

Controversial catalyst

At the same time, this growth factor for Ethereum (ETH) has been bashed by numerous analysts and investors. 

Legendary self-taught trader Josh Olszewicz mocked the parallels between the periods of hype around ICOs and DeFis. He asked Mr. Todaro about the possible fraudulent essence of DeFi and its realization:

So is defi also riddled with scams and naïve 'investors'?

Also, venture investment analyst Brad Mills called DeFi assets 'Digital Forex'. As covered by U.Today, Litecoin (LTC) creator Charlie Lee highlighted that DeFi is not decentralized at all.

The father of Digital Silver slammed the DeFi sector after another attack on its service. He believes that DeFi reflects 'the worst of both worlds' and doesn't go beyond 'decentralization theatre'.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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