The current huge rally in Ethereum (ETH) has traders eyeing its subsequent goal. Cryptocurrency analyst Miles Deutscher assessed the potential worth ranges for ETH, citing earlier bull markets.
“Throughout main bull runs, ETH usually reaches 35% of Bitcoin’s market cap. We noticed round 35% in 2017 and 36% in 2021. Based mostly on Bitcoin’s present market cap, this could take ETH to round $6,000. At a BTC worth of $150,000, ETH might attain over $8,000,” Deutscher stated.
The surge in ETH costs is pushed by BitMine Immersion Expertise (BMNR), which has transitioned from Bitcoin mining to an Ethereum accumulation technique. Led by Fundstrat’s Thomas Lee, the corporate goals to lift as much as $20 billion in extra capital by increasing its share sale program. Nearly all of this funding will reportedly be used to buy ETH.
The corporate, which beforehand licensed a $4.5 billion stake sale by Cantor Fitzgerald and ThinkEquity, introduced that it has bought nearly all of that quantity, leaving solely $723 million remaining.
*This isn’t funding recommendation.
