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ByAuthor J.D. SmithPosted on
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Pantera Capital’s Joey Krug Unveils Exponential Ethereum Price Target for Current Crypto Cycle

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The co-chief investment officer of blockchain investment fund Pantera Capital says Ethereum has huge upside potential in the current market cycle.

In a new blog post, Joey Krug points to Ethereum’s dominance in smart contract transactions as the key driver of growth.

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“The vast majority of the value in that system (decentralized finance) is transacting on top of smart contracts written on Ethereum. The net present value of the global settlement layer’s transaction fees for all of finance is a considerable number.”

Krug cites Ethereum’s rising revenues since the start of 2020, which according to his data have surged by more than 39,000% since the start of 2020.

“Even after its recent run-up, it still trades at a P/S ratio of 40x, which will become earnings for ETH stakers when value switches to Ethereum 2.0. Revenue on Ethereum has grown over 400x since January 2020.”

With the tailwinds driving the second-largest cryptocurrency, Krug says he believes ETH could soar as high as $18,000 in the current bull run.

“It’s an insanely cheap asset compared to anything else in the public markets with that kind of growth relative to its revenue multiple. It’s not entirely crazy to see Ethereum being able to 5–10x from here, especially when compared to traditional equities markets…

As the market gains confidence that DeFi is here to stay and isn’t a fad, multiples will go up too, and things will begin to be valued by price/revenue/growth in DeFi.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Art Furnace

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India’s largest crypto exchange adopts decentralized Unstoppable Domains

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Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.

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Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

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Bitcoin whale from 2010 moves 100 BTC for first time in 11 years

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The Feb. 25 transaction combined the two mining address outputs, indicating both addresses belong to the same owner. The two blocks were mined only a couple of hours apart on Jun. 10, 2010.

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While the majority of altcoins have entered a consolidation phase that includes a retest of underlying support levels, several projects have started to regain lost ground after new developments reignited investors’ optimism.

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