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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Fund Manager: DeFi Will Propel Ethereum To $1 Trillion Market Cap

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
compound compusd defi trillion

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Ethereum continues to struggle with resistance at $250 that has held back the asset for much of the last two years of bear market.

However, a crypto-focused investment fund manager is expecting that the asset’s best use case, decentralized finance, could help propel Etheruem to a $1 trillion market cap. This would take the price per Ether token to over $9000 each, suggesting that $250 won’t stand a chance much longer.

DeFi Continues to Defy All Cryptocurrency Market Expectations

Ethereum was the breakout star of early 2020, helping to carry Bitcoin and the rest of the asset class back to local highs.

The second-ranked cryptocurrency by market cap set a record for the longest string of positive weekly closes in the asset’s history, driven largely in part by the rapid growth of decentralized finance, often referred to as DeFi.

Initial figures year-over-year were extremely positive for the new, alternative method of finance. Ethereum being at the center of the movement had boosted the altcoin early on in 2020.

Related Reading | Ether’s Best Use Case Goes Parabolic, DeFi Users Double in 6 Months

Six months later, DeFi users have gone parabolic, doubling from the start of the year. Meanwhile, ETHUSD is trading at prices below Q1 when user penetration was much lower.

Decentralized finance, however, according to one investment fund manager, will be the driver behind what eventually helps the top altcoin break above $250.

They also believe, DeFi will help push Ethereum to a $1 trillion market cap.

https://twitter.com/josephtodaro_/status/1272941691088052225?s=21

Investment Fund Manager Calls For $1 Trillion Ethereum Market Cap

According to James Todaro, Managing Partner at Blocktown Capital, much like ICOs helped fuel Ethereum’s meteoric rise alongside Bitcoin in late 2017 to a $100 billion market cap, DeFi will be the catalyst that helps the smart-contract focused altcoin to reach a $1 trillion dollar market cap in the next crypto market cycle.

At the height of the crypto bubble, Ethereum had achieved an all-time high valuation of over $1,400 per ETH.

The bubble bursting, and ICOs being labeled as scams and black holes for capital, caused Ethereum prices to plummet.

Related Reading | How Tether On ETH Is Rapidly Becoming The Cryptocurrency Of Choice 

If Ethereum were to reach a market cap of $1 trillion, based on the current circulating supply, this would bring the price per Ether token to over $9,000 each.

And although Ethereum is fighting to break above $250 per token and hold, the upcoming ETH 2.0 launch that enables staking, plus the continued surge in DeFi growth, could be the one-two punch required to take out the resistance level.

The two primary factors are holding back a major breakout.

One is the fact that the majority of traders are heavily long on Ethereum ahead of the coming protocol update. The other is due to most current investors are sitting in as much as 80% profit that can be taken off the top the moment prices begin to falter.

Other bullish factors related to ETH 2.0, is the fact that a wallet containing 32 ETH is required to enable staking.

With such a large amount required for staking, more investors will buy up Ethereum to achieve that number, causing demand in the scarce asset to outweigh supply.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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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