At a recent large gathering at Ethereum (ETH), investors are aiming to see what they next: Cryptocurrency analyst Miles Deutscher cited previous bull markets to assess the potential price levels of ETH.
“During the major bull’s driving, ETH usually reaches 35% of Bitcoin’s market capitalization. We saw about 35% in 2017 and 36% in 2021. Based on Bitcoin’s current market capitalization, ETH is about $6,000.
The surge in ETH prices is driven by Bitmine Immersion Technology (BMNR), which has moved from Bitcoin mining to the Ethereum accumulation strategy. The company, led by FundStrat’s Thomas Lee, aims to raise up to $20 billion in additional capital by expanding its stock sales program. The majority of this fund is reportedly used to purchase ETH.
The company, which previously allowed $4.5 billion in stock sales through Cantor Fitzgerald and Thinkequity, has sold almost all of that amount, with only $723 million remaining remaining.
*This is not investment advice.
