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VanEck CEO Provides A ‘Reasonable’ Target For Bitcoin Based On Gold
In a recent interview with CNBC, VanEck CEO, Jan Van Eck, said that Bitcoin could reach $300,000. This estimate, according to Van Eck, rests on the assumption that the crypto could eventually achieve a market cap equal to half of all the gold currently in circulation. He described this projection as a “reasonable, base assumption,” reflecting a balanced view rather than an overly optimistic stance.
In making the forecast, Van Eck has worked off the belief that Bitcoin would someday achieve half the market capitalization of gold, given a fair and balanced expectation for it’s potential as “digital gold.”
VanEck CEO Predicts Bitcoin Price Could Hit $300,000
Jan Van Eck, VanEck CEO, recently shared a bold prediction, suggesting Bitcoin’s value could rise to around $300,000.
This estimate, he explained, is based on the coin eventually reaching half the market cap of all the gold in circulation, which he considers a “reasonable, base assumption.” Rather than envisioning the cryptocurrency completely replacing gold as a store of value, Van Eck sees it as achieving a substantial portion of gold’s standing, driven by its appeal as “digital gold.”
Van Eck added that BTC, that recently reached its ATH of $77K, has witnessed much more significant gains this year, partly driven by the interest of individual investors. As he cited, the fresh performance and the soaring demand for Bitcoin ETFs depict their increasing role in the US financial landscape.
VanEck CEO said this has attracted a substantial number of individual investors to the asset class, making it even a political talking point in Ohio’s Senate race and the appearance of Trump at a Bitcoin convention. Van Eck now hopes this popularity brings bipartisan support in the US, further cementing BTC as an asset class worthy of continued growth.
But Van Eck doesn’t espouse a maximalist view in which BTC replaces gold entirely. He thinks the $300,000 target is just a reasonable base case, assuming it captures roughly 50% of the value of gold. That, he said, is a more conservative view than others who believe the coin will eventually supplant gold as the best store of value.
Bitcoin as Store of Value, Ethereum as Platform
Beyond Bitcoin, he looked at general cryptocurrency, especially Ethereum. He thinks of BTC as a “store of value asset,” somewhat like gold, while Ethereum, VanEck CEO says, could be an investment that is much more multidimensional in nature, demanding deep insight into its usefulness, its competition, and where it would stand within the greater scheme of the digital economy.
Ethereum, he explained, acts like a database and a basic foundational platform for blockchain-based applications, particularly those supporting stablecoins and decentralized finance.
He also pointed to stablecoins as a new global payment system that Ethereum is well-positioned to underpin, at least in transition. He added that Ethereum’s recent market performance indicated it was a strong entry point for the more informed investor.
VanEck CEO furthermore conceded that crypto-related stocks, such as Coinbase, and meme coins, like Dogecoin, are gaining momentum but spoke of a preference for established assets with strong use cases. Van Eck’s comments prove belief in the broader potential of blockchain technology: how Bitcoin, Ethereum, and stablecoins can coexist in different yet complementary ways in the financial ecosystem.
Bitcoin Vs. Gold: BlackRock’s Bitcoin ETF Surpasses Gold ETF
It seems that VanEck CEO might be right when talking about the price. Other companies who went into Bitcoin ETFs also had an eye on Bitcoin investing. The latest trading data indicate that BlackRock’s Bitcoin ETF, IBIT, has become more significant than its Gold ETF; that is something, as Bitcoin reached an all-time high. This becomes even more interesting, with gold trading at its highest price since 1980 and further setting in stone the view of Bitcoin as “digital gold” with strong potential to become a new store of value.
JUST IN: BlackRock’s #Bitcoin ETF is now larger than its Gold ETF. pic.twitter.com/1FBlEzj2ef
— Crypto Macro (@cryptomacro14) November 8, 2024
The value of IBIT has appreciated over the past couple of months, reaching a six-month high toward the end of October and continuing upward strongly. This upward momentum was accelerated significantly following Donald Trump’s re-election, witnessed by record single-day inflows across Bitcoin ETFs led by IBIT.
Teuta Franjkovic
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.
Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.
Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.
Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethereum price stole substantial investor attention this Saturday as it gained an upward trajectory, even briefly topping $2,000. Despite constant outflows in ETF ETFs over the past few days, this upswing has emerged, sparking market optimism over future price movements.
For context, Ether ETFs have recorded constant outflows on a daily basis, sparking market concerns globally. Although these outflows remained below the $20M mark each day, market watchers speculate over future aspects amid evolving market dynamics.
Ethereum Price Jumps Despite ETH ETF Outflows
ETH coin’s price witnessed a nearly 2% uptick in the past 24 hours and closed in at $1,995 as of press time. The crypto recovered from an intraday low of $1,937 and even hit a high of $2,005 briefly this Saturday.
This price upswing primarily caused a market stir, defying usual investor sentiments in light of constant outflows in ETF products. Sosovalue data indicated that Ethereum recorded $102.89 million in weekly outflows from March 14 to 21, a concerning factor for investors.
Of these outflows, $11.72 million, $12.41 million, and $18.63 million occurred on March 19, 20, and 21, respectively. Traders and investors speculate whether these outflows could top the $20 million mark ahead, which could bring potential heat to the price.
Ethereum price is up nearly 5% since it last recorded over $20 million in outflows in ETFs, which was on March 18. The asset’s price rose from the $1800 level to $1,985 since then to date. The rising action has ignited speculations of cooling ETF outflows ahead, further supported by other dynamics.
Is ETH Supply Shock Incoming?
Simultaneously, recent on-chain data has cemented a considerable bullish sentiment for the coin. Renowned market trader and analyst ‘Merlijn The Trader’ revealed that whales scooped up $236 million worth of ETH over the past 72 hours. The massive buying pressure paves an optimistic path for future price action, underlining the potential for an ETH bounce back to previous highs.
Simultaneously, market analyst Crypto Rover took to X, revealing that Ethereum reserves on exchanges hit an ATL. For context, drying up exchange reserves signals heightened withdrawing for a crypto and rising market interest. The data also indicates that a potential supply shock looms, which could further offer support to the price.
Despite constant ETF outflows, the abovementioned stats indicated that price gains await. Given this feat takes place, rising interest could also propel inflows in ETFs ahead.
Top Analyst Says 100% Pump For Ethereum Price Ahead
Also, market expert ‘Patron’ posted on X, revealing that ETH price claimed a vital support level near $1,978. A sustained break above this level, further escorted by the abovementioned bullish factors, could result in a potential 100% rally ahead. As per the analyst, the upcoming targets remain $2,296, $2,913, and $4,000, which is up nearly 100% from the current level.
However, it’s also worth taking into account that ETH’s fear and greed index stood at 37. This stat conversely signals that investors are cautious despite bullish dynamics, primarily due to macro trends and institutional interest decline. According to Ethereum price prediction, ETH could reach $2,100.57 by 2025.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethena price remains concerningly eyed by crypto market participants against the backdrop of a severe bearish trajectory. ENA erased nearly 4% in the past 24 hours, in sync with a renowned market maker dumping over $10 million worth of tokens. Thus, traders and investors anticipate additional short-term volatility in the coin, whilst it recently faced rejection at a key resistance of $0.48.
Ethena Price Gains Bearish Momentum, Here’s Why
On-chain data from Arkham Intelligence on March 22 signaled that market maker Amber Group deposited $10.35 million worth of ENA to Binance. Out of the deposits, $2.5 million worth of tokens were acquired from the same crypto exchange two weeks ago. This accumulation took place at an average price of $0.3979.
On the other hand, Amber Group received $7.85 million worth of coins from the Ethena Claim address. These tokens were received between April 2024 and July 2024.
For context, the market maker’s massive dump to Binance impacts a crypto’s supply dynamics. In turn, market participants expect short-term volatility in price. However, speculations of a bolstered movement also prevail as this endeavor will increase liquidity and trading volumes, thereby magnetizing investors.
Ethena Token Unlocks: Another Vital Barrier For Price?
Simultaneously, ENA tokenomics faces additional heat amid massive token unlocks recorded this month. Notably, Cryptorank’s data flagged 2.06 billion coins, worth 13.9% of the total supply, unlocked on March 5.
Meanwhile, 94.19 million coins, worth 0.63% of the asset’s total supply, were unlocked on March 2. These unlocks substantially increase the asset’s market supply, negatively impacting demand and price sentiments.
Another massive unlock of 94.19 million coins is set to occur on April 2. Further, 171.85 million tokens will be unlocked on April 5. As a result, traders and investors reflect highly concerning sentiments surrounding Ethena price action ahead as the supply inflates.
How Is The Crypto Delivering As The Month Ends?
At the time of reporting, Ethena price crashed nearly 4% and exchanged hands at $0.3581. The coin bottomed and peaked at $0.3497 and $0.3763 in the past 24 hours. Notably, the waning price action comes in sync with Amber Group’s massive dump to the top crypto exchange.
Whereas, the weekly and monthly charts show a dip of 1% and 11%, respectively. The broader slumping action falls in line with the massive token unlocks mentioned above.
Renowned market trader and analyst Sjuul/AltCryptoGems took to X, revealing that ENA again faced crucial resistance at $0.48, slamming the chances for a pump ahead. “If bulls fail to defend this demand, it would be a pretty bad sign,” the analyst concluded amid bearish dynamics taking over.
Additionally, an Ethena price prediction by CoinGape indicated that the crypto’s 3-month bias indicator is tilting in favor of bears. This has further pushed traders and investors to take a cautious trading approach on the token.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin (BTC) price volatility is slowing down as the coin’s capitulation continues. At the time of writing, Bitcoin’s price was changing hands for $84,278.83 as it pared off the losses accrued in earlier trading. At this pace, the question now hinges on whether BTC can form sustainable support at the $84,000 price mark or whether further drawdown lies ahead.
Core Bitcoin Price Metric to Watch
According to Glassnode data, BTC Short-Term Holders (STH) are under increasing pressure. This group’s unrealized losses have surged, pushing many STH coins into losses. As revealed, their holdings are now nearing the two-standard deviation threshold.
Despite this outlook, the data platform hinted that losses remain within historical bull market bounds. Specifically, it noted that these losses are less severe than the May 2021 sell-off from the all-time high. Glassnode said the rolling 30-day losses for STH have topped $7 billion. It confirmed that “this remains well below prior capitulation events, such as the $19.8B and $20.7B losses in 2021-22.”
BTC price jumped to an ATH above $109,000 in January but has since dropped by 22.79%. While experts predicted a drop of over 35%, the limited loss from holders can form a good rebound basis.
BTC Price Bottom In, Here Are Triggers for Rally
Over the past week, Bitcoin has rallied within very tight price ranges, from a low of $81,300 to a high of $87,320. Some market observers believe the coin has attained its floor price and might be set for a rebound.
While firms like Strategy have kept Bitcoin purchase plans alive with Strife’s perpetual stock offering, the Global Money Supply M2 also lays a positive basis for growth. With the current outlook, the projection that the $83,00 level is the BTC price floor is resounding among analysts.
The shift in regulation and the backing of Bitcoin by President Donald Trump creates a tailwind for the coin’s proponents. At the Digital Asset Summit earlier this week, President Trump reiterated the plan to make the US the crypto capital of the world.
Several government agencies have shifted their policies in this regard, which might attract investors in the long term.
How High Can Bitcoin Valuation Rise?
Despite the slowdown in growth in recent weeks, many market leaders are still confident in the coin’s prospects. As reported earlier by CoinGape, Bitwise CIO Matt Hougan maintained the price target of $1 million by 2029. He cited a longer-term reaction to macroeconomic uncertainties as the basis for his prediction.
While this Bitcoin price prediction appears lofty, others believe Bitcoin may cross $200,000 once the bull rally returns. With spot Bitcoin ETF hype and other growing institutional adoption, BTC price has an arguably bright future.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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