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Cathie Wood's Ark Invest expects ether to soar over 7,000% and hit a $20 trillion market cap by 2030

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Cathie Wood of Ark Invest
Photo by PATRICK T. FALLON/AFP via Getty Images

Even as crypto markets face turbulence, Cathie Wood's Ark Invest is making a bullish call on the price of ether in a new report this week.

The second-largest cryptocurrency, according to Ark Invest, will meet or surpass a $20 trillion market capitalization by 2030. Each coin would be priced at around $170,000-$180,000. Based on its current price of about $2,480, ether would have to jump by about 7,200% to meet the firm's target.

The ETF manager said ethereum could "displace many traditional financial services" as decentralized finance gains traction, laying the groundwork for ether — ethereum's native token — to compete as a global currency.

"As financial services move on-chain, decentralized networks are likely to take share from existing financial intermediaries," the report said. Ark Invest predicts ether will be a primary beneficiary of this shift.

The report also said the price of a single bitcoin could "exceed $1 million by 2030" as investors remain focused on its long-term value.

Ark Invest's forecasts for both ether and bitcoin are high. Ether has sunk more than 22% over the last week, and is well off its record near $5,000 in November.

Bitcoin, similarly, has fallen more than 50% since its November all-time high of $69,000. JPMorgan said the recent decline in bitcoin makes even a $150,000 long-term target less likely.

The new year has pummeled the cryptocurrency market after massive gains in 2021. Digital assets have mirrored technology stocks, all of which have traded in the red for most of this month.

As the Federal Reserve signals continues to signal its hawkish stance for 2022, analysts expect crypto to remain under pressure.

Read the original article on Business Insider