How High Could Ethereum Price Go If It Matches Total Bitcoin Market Cap?

Ethereum, the leading altcoin, is actively expanding its use case in DeFi and various decentralized applications, maintaining its key role in the crypto market. With the growing network activity and increasing adoption, investors often wonder if Ether’s market could eventually reach Bitcoin’s and how it may impact the Ethereum price.

Ethereum Price Projection if it Matches Bitcoin’s Market Cap

As of September 29th, the ETH price trades at $2643 and holds a market cap of $318.2 Million. Although it has significant value and widespread utility in decentralized Finance (DeFi), NFTs and the ETH’s market cap is considerably lower than Bitcoin, which currently stands at $1.298 trillion.

However, with the transition to Proof-of-stake, increasing institutional adoption, and substantial inflow to ETH ETFs, the Ethereum price is anticipated to accelerate recovery, making it a prime candidate to challenge Bitcoin’s market dominance someday.

If Ethereum were to match BTC’s market cap of $1.298 Trillion, the native cryptocurrency ETH would witness a dramatic rise. Considering Ethereum’s circulating supply of 120,366,230 ETH, the $1.298T target market cap would push the Ether value to approximately $10,785.

The potential surge indicates a 309% hike from the current trading price of $2643.

Ethereum Records $45M in Weekly Fees as Network Activity Soars

The Ethereum blockchain has recently hit a milestone with $45 million in weekly fees, the highest since June 10, 2024, according to data from IntoTheBlock. Generally, the rising total fees hint at growing network activity, driven by its expanding use cases in decentralized finance (DeFi) and NFTs.

The tweet highlights Bitcoin’s ‘digital gold’ narrative attraction to the traditional market participants. However, Ether’s robust network and price performance project its role as a key player in the blockchain ecosystem.

ETH hit $45M in weekly fees, the highest since June 10, 2024. While Bitcoin’s ‘digital gold’ narrative captures more attention in traditional finance, Ether’s growing network activity and price performance continue to impress. pic.twitter.com/tPaegfV6QJ

— IntoTheBlock (@intotheblock) September 29, 2024

ETH Price is 20% From Major Support Test

Along with most major altcoins, Ether price showcased a notable correction since late May 2024. The bearish turnaround plunged the asset from $3974 to $2649, accounting for a 33% loss. 

If the selling pressure mounts, the Ethereum price prediction hints a 18.7% drop before retesting the major support trendline intact on June 22. Historically a potential reversal from this dynamic support has doubled the altcoin value, indicating a key accumulation zone.

Conclusion:

Ethereum has the potential to match Bitcoin’s market cap due to its active expansion in the Defi ecosystem and increasing intentional investment. If ETH’s market cap reached $1.298 Trillion, the coin value would rise to approximately $10,785.