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Ethereum At $2,200 Is "Hilarious"; Is A 10X Incoming?
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Ethereum At $2,200 Is “Hilarious”; Is A 10X Incoming?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Ethereum bulls

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Crypto investor Ryan Sean Adams argued on December 4 that Ethereum’s (ETH) current valuation of around $2,200 is almost “hilarious” given the strengthening on-chain activity and the blockchain’s role in the sphere.

Venture Capitalist: Here’s Why Ethereum Is Grossly Undervalued

Adams cited data like the first smart contract platform generating billions annually in “gas” fees, transitioning to becoming deflationary after merging in September 2021, and the over one million validators staking earning over 5% as rewards. Moreover, the venture capitalist pointed out the potential of the United States Securities and Exchange Commission (SEC) approving spot Ethereum ETFs in the long run. 

For now, BlackRock and Fidelity, two of the world’s most prominent traditional finance players, have applied to issue these derivative products. Though the SEC has yet to approve any spot crypto ETFs, the agency will authorize one or multiple, likely in early Q1 2024. 

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Overall, the crypto market expects any spot ETF, including that of Ethereum, to attract billions in institutional capital. Beyond external factors like the SEC and ETFs talk, Adams also pointed out the rising demand for mainnet block space from the multiple layer-2 solutions running off-chain rollups parallel to Ethereum. 

ETH Value Draws From On-Chain Activities

According to L2Beat, Ethereum layer-2 solutions have over $14.9 billion as total value locked (TVL), with the most prominent platforms, including Arbitrum One, OP Mainnet, Starknet, and Base, commanding billions and processing tens of thousands of transactions daily. In the past week, Adams observed that leading layer-2 rollups were the top 10 consumers of Ethereum block space.

Ethereum layer-2 TVL | Source: L2 Beat
Ethereum layer-2 TVL | Source: L2 Beat

Comparing Ethereum using traditional metrics like price-earnings (P/E) ratios that compare favorably to technology companies like Amazon and Zoom, Adams suggested that Ethereum’s upside is almost mathematically unavoidable this cycle.

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The venture capitalist, based on the above factors, thinks Ethereum could likely be 10x, pushing the coin to over $22,000 per coin. Even so, the investor can’t precisely gauge how long the markets will “stay irrational,” grossly undervaluing the second most valuable coin.

Ethereum price trending higher on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price trending higher on the daily chart | Source: ETHUSDT on Binance, TradingView

In response, Uniswap founder Hayden Adams agreed Ethereum fundamentals would fuel appreciation. Even so, the founder thinks Ethereum derives strength not from speculation attributes, as Ryan Sean Adams laid out. The Uniswap founder is confident that demand from active protocols launching on the mainnet and competing for scarce block space will directly pump prices.

Over 14,900 ETH burned in the last month | Source: Ultra Sound Money
Over 14,900 ETH burned in the last month | Source: Ultra Sound Money

According to Ultra Sound Money, Uniswap helps Ethereum burn the most coins. In the last month alone, Uniswap took over 14,900 ETH out of circulation, helping the network become more deflationary.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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