- Several research firms BitMine consulted agreed that the replacement value for Ether is $60,000, which is a massive leap from Tom Lee’s $15K per ETH prediction earlier.
- The valuation elevates Ether’s market cap from the current $463 billion to $7.24 trillion.
- BitMine, despite its business centered on Bitcoin and Bitcoin mining solutions, has positioned itself as the largest publicly traded company in terms of ETH reserves.
Thomas “Tom” Lee, Chairman of BitMine Immersion and co-founder of Fundstrat, recently updated his Ethereum (ETH) prediction in his company’s video series. During his presentation at “The Alchemy of 5%” series on Monday, the financial analyst and strategist boldly proclaimed his $15,000 per Ether forecast.
However, several research companies that BitMine consulted saw Lee’s projections as minimal. Their “replacement” value for ETH is $60,000, a significant leap from its $3,736.30 to $3,940.65 rate in the last 24 hours. The numbers illustrate around 1,463% increase from the cryptocurrency asset’s prevailing average US dollar exchange of $3,838.475 and 1,126% up from its all-time high of $4,891.70 four years ago.
Meanwhile, the figures elevate the market cap of Ether’s 120.71 million circulating supply from the current $463 billion to an astonishing $7.24 trillion. The projected overall market valuation trumps Bitcoin’s (BTC) $2.36 trillion capitalization today, and even far surpasses NVIDIA’s $4.31 trillion market cap.
BitMine: From Bitcoin to Ether
BitMine has made a multibillion-dollar bet on ETH for its treasury reserves this month. In a wild twist, the BTC and Bitcoin mining solutions provider has become the largest publicly traded firm in terms of Ether holdings.
To date, the company’s over $2 billion holdings on the second-largest cryptocurrency by market cap position it as the potential counterpart of Strategy (formerly MicroStrategy). Instead of BTC, though, it grounds its strategy on Ether.
Effect on Market Dynamics
For Bitget, BitMine’s unique place in Ether has far-reaching implications for the crypto market. This gives it broader visibility, especially in the ETH and altcoin markets.
Additionally, the exposure gives the company a key influence in driving price volatility, staking power, and broader sentiment in the Ethereum ecosystem. Additionally, it provides a blueprint for other institutions to follow, similar to the charge led by Strategy.
Bitget believes that the Merge and several upgrades already in place that improve Ethereum’s performance, scalability, security, and governance offer investors an opportune time to invest in ETH. With that, BitMine could be next in line to emulate Strategy’s exponential growth since it pivoted its business model to Bitcoin.
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