Data Driven Investor: 5 Key Steps that Will Get Ethereum to $8,000
While the crypto space hasn’t attracted much interest compared to 2021, prices have been moving higher this year. Bitcoin is up over 70 percent. And Ethereum has been trending higher as well.
There are several developments in the crypto space that point to higher returns moving forward. Some of them relate to crypto as a whole. But Ethereum also has some specific opportunities that could send prices soaring.
One specific opportunity for Ethereum comes from the rise of sharding. That’s the name for the solution to scalability. Ethereum is moving forward with parallel processing and other tools to improve the network capacity.
That should allow the protocol to handle far more transactions, making the Ethereum network more valuable. And it should keep Eth ahead of other challengers in the space.
Ethereum can also benefit from the rise of new applications in the crypto space. One such application is gaming. Crypto tokens can be used in gaming by incorporating unique digital assets into a game experience.
While still in its early stages, Ethereum would benefit as the lead network for decentralized protocols. The total size of the crypto gaming market is small at under $5 billion in 2022. However, it’s expected to grow by nearly 70 percent annually through 2030.