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Crypto analyst Lark Davis recently took to social media to share his prediction that Ethereum’s price will surge to $15,000 before the end of 2024. According to Davis, the prediction is based on an analysis that takes into account Ethereum’s DeFi development and its role as a staking asset, as well as its increasing number of decentralized applications (dApps) on its blockchain.
Davis believes that by 2024, a number of DeFi protocols will have begun to generate tremendous value, and Ethereum’s native token will surge in tandem. He added that Ethereum’s ability to serve as a secure base layer asset, along with its possible migration to proof-of-stake this year, will support the digital asset’s price significantly. He also argued that Ethereum will continue to remain the dominant blockchain for decentralized applications, with developers flocking to its network. Ethereum’s recent Scalability upgrade – EIP-1559 – which will reduce transaction costs on the blockchain is likely to drive adoption even further.
Davis concluded his prediction by stating that he expects ETH to continue its exponential growth and reach $15,000 before the end of 2024. Although the analyst believes that we are in the “early wave of crypto growth,” he also cautioned that the current “altcoin season” may lose its steam eventually.