Crypto YouTuber Lark Davis has shared a video explaining why he expects the second-largest cryptocurrency, Ethereum, to see $4,000 as the first stop on its path to $10,000.
Crypto YouTuber Lark Davis has shared a video explaining why he expects the second-largest cryptocurrency, Ethereum, to see $4,000 as the first stop on its path to $10,000.
He also said that altcoin-based ETFs could flood the market very soon, and these would include the Solana and Dogecoin ETFs in particular.
Ethereum Heads To $4,000
The main message that Lark Davis wanted to convey to The regulator gives the green light to an Ethereum spot ETF.
Davis recalled that Standard Chartered bank made this prediction, setting the deadline at $4,000. The main reason why the banking giant made such a prediction is because it expects the Securities and Exchange Commission to approve an Ethereum spot ETF this year, therefore, the bank’s thesis says, the ETF will drive massive demand for Ethereum , just like it did with Bitcoin.
BlackRock and other Bitcoin spot ETFs began accumulating staggering amounts of BTC before their filings were approved by the SEC regulator, and continue to purchase 5 times more BTC than the daily amount of Bitcoin produced by miners.
The regulator has so far been delaying its decision on the Ethereum ETF, however, Davis agrees with Standard Chartered’s forecast that it is likely to approve it on May 23.
DOGE, SOL, LINK and AVAX ETFs Likely: Davis
Davis expressed the opinion that once the SEC allows Ethereum ETFs to begin trading, this would give a start to hedge funds that will decide to launch exchange-traded funds based on other altcoins.
The YouTuber surmised that ETFs based on altcoins such as Dogecoin, Solana, Chainlink, Avalanche could be launched in the cryptocurrency market, perhaps even by the end of 2024. What led him to this idea was the Franklin Templeton fund.
In a recent Bloomberg interviewa representative for this fund hinted that the market could see more ETF filings coming from them, and the representative stated that Ethereum seems like a good candidate for that to begin with.
