In the latest video, Altcoin Daily founder and trader Austin Arnold expresses his optimism that 1 Ether is will possibly worth $20,000 by the end of the year because of the activity and interest in the Ethereum blockchain, NFTs, digital arts, and DeFi ecosystem.
The trader supports his belief by citing a similar opinion from CEO & Co-Founder, Real Vision Group & Global Macro Investor Raoul Pal, who predicts Ethereum would hit $20,000 in this bull cycle.
Arnold explains this prediction by comparing Ethereum and Bitcoin’s exponential growth in network effect from when they both hit 1 million active addresses which have lined up similarly:
“Bitcoin topped out at $20,000 in the last bull cycle and I believe Ethereum has potential to peak at the same price. Because the network is even growing faster than Bitcoins, one Ether could be worth 20,000 dollars”.
In the second part of the video, the crypto KOL mentions the record-smashing NFT sale of digital artist Mike Winkelmann, known as Beeple, at Christie’s for $69 million marks a potentially transformative moment for the art world. NFTs, or non-fungible tokens, are unique files that live on a blockchain and are able to verify ownership of a work of digital art.
“This increases Ethereum network effect and could send Ether price to $20,000 because most of these activities and events are happening on the Ethereum blockchain”, the trader explains.
At the end of the video, the crypto KOL also shares some Bitcoin news on MicroStrategy’s new purchase of another 262 Bitcoins for approximately $15 million, at an average price of $57,146 per BTC.
“New hodlers are taking profits but smart money is aggressively buying”, he comments.