Ethereum (ETH), the second-largest crypto by market cap, has surged by over 87% since the beginning of the year. Although the growth is commendable, ETH’s rise in 2023 is overshadowed by Solana’s (SOL) over 500% growth and Bitcoin’s (BTC) over 150% growth in the same time frame. Nonetheless, analysts anticipate the asset to rally to new highs in the next bull run.
ETH is currently up 3% in the daily charts and 0.9% in the last week. Moreover, the token’s price has surged by over 14% over the previous month.
Also Read: Bitcoin vs. Ethereum: What Are Institutional Investors Buying?
Despite the healthy rise in 2023, ETH is still down by over 50% from its all-time high of $4,878.26, which it attained on Nov. 10, 2021.
How to be a millionaire when Ethereum (ETH) hits $3000?
Reaching $3000 from current levels amounts to a growth of about 33%. To have a million dollars worth of Ethereum at $3000, you would need around 333.33 ETH tokens. The cost of 333.33 ETH at current prices is about $747,333.
However, if ETH reaches its all-time high of $4878.26, the same investment would be worth around $1,626,000 ($1.62 million).
Now, the question is whether Ethereum (ETH) will reach its all-time high again or not. The short answer is yes. There is a high chance of ETH not only hitting but surpassing its previous all-time peak.
Also Read: JP Morgan Says Ethereum Will Outperform Bitcoin in 2024
According to Changelly, Ethereum (ETH) could surpass its all-time high by 2025. According to the platform, ETH could hit a maximum price of $5,930.32 in 2025.
However, if the crypto markets enter a bull run in 2024, fueled by a spot Bitcoin (BTC) ETF (Exchange Traded Fund), Ethereum could hit a new all-time high much sooner, making some holders millionaires. All significant cryptocurrencies may hit new peaks if the SEC (Securities and Exchange Commission) approves one or more spot BTC ETF applications.