The world’s second-largest cryptocurrency by market capitalization, Ethereum ($ETH) has fallen short of investor optimism this year as it significantly underperformed the flagship cryptocurrency Bitcoin. ETH lost around 35% of its value over the past six months.
The cryptocurrency has been enduring a bearish trend despite the launch of spot Ether exchange-traded funds (ETFs) in the United States back in July.
The digital asset has shed 23% of its value over the past 30 days, currently trapped in a bearish trend. This downturn comes as a surprise to many who anticipated a surge following the launch of Spot Ethereum exchange-traded funds (ETFs) in July.
Despite the cryptocurrency’s lackluster performance Benjamin Cowen, a prominent cryptocurrency analyst, has revealed that Ethereum’s monthly candles have been tracking its performance in 2016 “perfectly,” which suggests that if the trend continues Ethereum could end September in the green and drop later in the year, before surging in 2025.
Cowen’s analysis, shared on the microblogging platform X (formerly known as Twitter), suggests a potential surge for Ethereum, which back in August 2016 was trading slightly below the $11 mark and ended up seeing a massive price surge to $370 in 2017, before moving to a high above $1,360 in early 2018 ahead of the ensuing bear market.
If Ethereum were to replicate its 12,200% surge seen back in 2016, the cryptocurrency would surpass the $30,000 mark in a historic bull run that would also see its market capitalization explode upward.
It’s important to note that past performance is not necessarily indicative of future results. The cryptocurrency market remains volatile, and unforeseen events could disrupt any projected price movements.
As CryptoGlobe reported Jamie Coutts, Chief Crypto Analyst at Real Vision, offered a critical view on the future of real-world asset (RWA) tokenization. Wall Street forecasts that $10 to $30 trillion in traditional assets could be tokenized within the next decade, with Cutts seeing these numbers as overly ambitious.
instead, he suggests that if the current two-year compound annual growth rate (CAGR) of 121% continues, a more plausible estimate might see around $1.3 trillion in tokenized assets by 2030.
Featured image via Unsplash.
