U.Today - Ether, the native cryptocurrency of the Ethereum blockchain, could potentially surge to $8,000 within the next two years, according to by global banking titan Standard Chartered (LON:STAN). This optimistic view is anchored in Ethereum's growing role in smart contracts, gaming and the tokenization of traditional assets. Geoff Kendrick, StanChart Head of FX Research, also hinted at a more ambitious long-term structural valuation ranging from $26,000 to $35,000 by 2040, supported by emerging real-world use cases.
Not everyone is bullish
Despite Standard Chartered's bullish outlook, other industry voices hold a more cautious perspective on Ethereum.Notably, after the Shanghai upgrade in April, daily transactions on the Ethereum network experienced a 12% decline, as reported by Chase. Analysts at the bank, spearheaded by Nikolaos Panigirtzoglou, expressed concerns regarding the platform's dwindling network activity.
Daily active addresses experienced a massive 20% decrease. Moreover, the total value locked on the network plunged by 8%.
Furthermore, the launch of nine Ether futures ETFs showed lackluster performance, pushing K33 Research analysts to advocate for a shift back to .
Ethereum's declining market share
As Ethereum faces challenges, Bitcoin's market dominance is on an upward trajectory. The market share of the top cryptocurrency is now inching close to 50%, according to .Over the past week, Bitcoin has seen a less sharp decline of 1.7% compared to Ethereum's 4.6%.
Adding to this, Bitcoin's market share recently reached a three-month high, further emphasizing the flagship cryptocurrency's rising dominance in the space, even as altcoins underperform.