Bitcoin eyes a new all-time high with 4% gap
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Meanwhile, Marathon Digital, one of the largest Bitcoin mining firms, has sold over 60% of all Bitcoin it mined since the halving took place in late April. The company’s move to sell a significant portion of its BTC production in May highlights the adjustments miners are making to their operations following the reduction in mining rewards. As the competition intensifies, miners are seeking to expand their fleets, improve efficiency, and explore overseas expansion to remain competitive.
VanEck, a prominent asset manager, has projected Ethereum to reach $22,000 by 2030, representing a 487% increase from current levels. The forecast is based on Ethereum’s anticipated generation of $66 billion in “free cashflows” and its potential in the artificial intelligence (AI) sector. The recent approval of spot Ethereum exchange-traded funds (ETFs) in the US has also contributed to VanEck’s optimistic outlook for the second-largest cryptocurrency.
Today’s Newsletter
- Bitcoin eyes all-time high with 4% gap as ETFs attract massive inflows
- Largest Bitcoin mining firm sold 63% of mined BTC in May
- VanEck forecasts Ethereum to reach up to $154,000 by 2030
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BITCOIN
Bitcoin eyes all-time high with 4% gap as ETFs attract massive inflows
Industry experts suggest that the crypto market is set for a “bright June” due to anticipated spot Ethereum ETF developments. The recent surge in Bitcoin’s price signals a positive turn after several weeks of moving sideways, with the cryptocurrency trading close to $71,000, up almost 3% in the last 24 hours
Nate Geraci, president of ETF Store, addressed the skepticism surrounding Bitcoin ETFs and their demand, particularly from critics who doubted their appeal to retail investors. The strong inflows into these ETFs on their 100th trading day demonstrate the growing interest and confidence among investors in Bitcoin as an investable asset. [cryptobriefing]
BUSINESS
Largest Bitcoin mining firm sold 63% of mined BTC in May
While the base case points to a $22,000 valuation by 2030, VanEck also presents a bull case scenario where Ethereum could reach $154,000. The report emphasizes Ethereum’s robust stablecoin landscape, with the blockchain settling $4 trillion in stablecoins over the past year and facilitating $5.5 trillion in these tokens, with a stablecoin market cap exceeding $91 billion.
VanEck recognizes Ethereum’s potential in enabling the creation of more engaging and lucrative applications for entrepreneurs through its permissionless and open-source environment. The asset manager estimates that Ethereum will derive 71% of its revenues from financial businesses by 2030, with other sectors like AI expected to contribute significantly to its revenue stream, solidifying Ethereum’s position as a vibrant economic platform.
ETHEREUM
VanEck forecasts Ethereum to reach up to $154,000 by 2030
While the base case points to a $22,000 valuation by 2030, VanEck also presents a bull case scenario where Ethereum could reach $154,000. The report emphasizes Ethereum’s robust stablecoin landscape, with the blockchain settling $4 trillion in stablecoins over the past year and facilitating $5.5 trillion in these tokens, with a stablecoin market cap exceeding $91 billion.
VanEck recognizes Ethereum’s potential in enabling the creation of more engaging and lucrative applications for entrepreneurs through its permissionless and open-source environment. The asset manager estimates that Ethereum will derive 71% of its revenues from financial businesses by 2030, with other sectors like AI expected to contribute significantly to its revenue stream, solidifying Ethereum’s position as a vibrant economic platform. [cryptobriefing]
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