Quick Summary
- Ethereum recently achieved a new record high price, but prominent figure Arthur Hayes anticipates further significant growth.
- The founder of BitMEX has revised his projected price range upward, now suggesting a potential peak between $10,000 and $20,000 during this market cycle.
- This prediction is largely influenced by the expectation that the upcoming administration may engage in extensive monetary expansion policies.
Following its recent surge to an unprecedented peak, Ethereum, the leading altcoin, may continue its upward trajectory, according to voices within the cryptocurrency space.
Arthur Hayes, known as the BitMEX creator, has updated his projections for Ethereum’s price. He is suggesting it could surge significantly higher to hit anywhere between $10,000 and $20,000 before this market cycle concludes.
Hayes shared his forecast on the Crypto Banter podcast, led by Ran Neuner. His opinion hinges on anticipation that a future administration will enact a significant boost in monetary supply. This appearance came before Federal Reserve Chairman Jerome Powell’s talk.
“I expect ETH to reach $10,000, possibly $20,000, before this cycle ends,” Hayes explained when probed about his prediction. “Once it breaks past its previous barrier, there is space to grow and you have companies looking for different assets.”
Ethereum’s price experienced another strong boost, approaching its highest price after what observers saw as an inclination of potential interest rate cuts. ETH’s price reached a peak of $4,789 on Friday, exceeding its 2021 number.
Factors in this rise include digital asset treasuries, namely BitMine Immersion Technologies and SharpLink Gaming – the primary Ethereum treasuries– which account for holdings surpassing $10 billion in ETH. Ethereum ETFs have also made their mark, demonstrating a large influx of funds.
Hayes has shown optimism about ETH recently, suggesting that the asset would reach a range of $4,000-$5,000 before this year. He later said that ETH would experience explosive growth to reach $10,000.
Ethereum could climb to $20,000 before the end of the cycle, partially due to a potential increase in money supply, as discussed.
Hayes anticipates the administration could initiate expansive quantitative easing, which increases the amount of money and can fund purchase of other financial instruments.
“Between the middle of 2026 and the administration leaving, they will do everything to accelerate money production,” Hayes said. “I expect there will be a large bull market for all assets linked to things the administration values.”
Hayes linked money printing to his estimate of a $250,000 Bitcoin value.
The BitMex founder is connected to ETH success, adding 1.8K ETH valued at over $8.6 million from August 10, according to Arkham Intelligence wallet tracking. His total ETH holding is valued at over $50 million.
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