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compound compusd defi trillion

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

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Ethereum
Reading Time: 3 mins read
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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.

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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

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

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.

In 2017 ICOs aided in moving ETH beyond $100 billion marketcap

In this next cycle, Defi will likely help push ETH to $1 trillion marketcap

— Joseph Todaro (@JosephTodaro_) June 16, 2020

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.

Tags: cryptoDeFiethbtcethereumethusdETHUSDTjames todaro
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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