Can Ethereum’s Market Cap Touch Trillion-Dollar Mark By 2024?

• Ethereum blockchain already has a market cap of  $221.64B which proves the high market value of its asset.
• Being the second-largest in the world, it would be surprising to see it becoming a Trillion-dollar crypto.

Ethereum is the second-largest entity in the blockchain world. Its goal is to be a cryptocurrency that could change the traditional ways of thinking about money. Apart from being a trading currency, this platform provides a digital ledger where developers can create applications. The development of several decentralized applications (DApps) is also easy over the blockchain.

Ethereum’s Hike This Year

Ethereum stands in the second rank as a cryptocurrency after Bitcoin, being a billion-dollar ecosystem. This blockchain is a market leader, attracting developer communities and individuals to its platform along with investors for buying and staking its crypto. The value of ETH was supposed to peak in 2023 with a value of $2,474 per token and is expected to conclude the year with a per-unit value of $2,184.

Past years were difficult for Ethereum in general because of a decrease in its market value that fell last year. Amid the economy and people’s woe, users turned away from this crypto and got concerned about safer investments. With the rise in the crypto market this year, it slipped from its April 2023 peak value.

Ethereum’s Upgrade (Ethereum 2.0)

Recently, most developers preferred to build upon Ethereum. Because of its versatility and volatility, it’s one of the preferred choices for large-scale development and decentralized applications (DApps). Ethereum 2.0 is an upgraded version of its blockchain. It consists of sharding which allows this network to process large amounts of transactions simultaneously.

It can switch to a proof-of-stake (PoS) consensus mechanism which provides the network’s security. To participate, users have to stake some Ether (ETH), which helps to protect the network from scams and other fraudulent activities. Ethereum 2.0 introduces the Ethereum Virtual Machine (EVM), empowering developers to formulate smart contracts within the platform. This transformative step enhances scalability, efficiency, and developer-centricity.

Ethereum Scaling Solution: Rollups

Rollup is a layer-2 scaling solution for Ethereum. It involves transaction handling in batches before sending the output back. Rollups are comparatively cheaper than the mainnet. In the future, its fees are expected to become at least 30 to 40 times less. This blockchain is also working on improving its security and privacy.

For instance, the emergence of quantum computing poses a potential threat to the cryptography underpinning Ethereum’s security measures today. Even when the threat is far away, Ethereum is enhancing two forms of quantum-safe cryptography to make the blockchain more secure.

Ethereum Price Prediction

Ethereum is expected to recover strongly during 2024 same as Bitcoin. Its price is assumed to surge forward from a low level. This could be subjected to positive global aggregate and response conditions. This will happen with its increased security, privacy, and trust in the crypto market and large-scale acceptance of ETH.

The next upgrades can play an important role in pushing the network’s value price forward. Till 2024it might end up touching the average mark of $3200 to $4000 approximately.

Concluding Thoughts

This leads to the conclusion that Ethereum in the future is expected to be even better than today’s version of it. Whether it could push Ethereum from its current market value of $208 billion to a trillion-dollar economy. Today its circulation supply is about 120 million coins. According to that, it would be surprising to see it reaching a market cap of trillion dollars.