Ethereum's Valuation Surge and Bullish Projections_blog

12 Jul, 2024

Ethereum's Valuation Surge and Bullish Projections

Ethereum's Remarkable Growth

Ethereum, the second-largest cryptocurrency by market capitalization, has experienced a significant surge since November 2022. According to a report by Glassnode and CME Group, Ethereum's valuation has increased by $354 billion, a 267% rise. This growth occurred despite the collapse of the leading cryptocurrency exchange, FTX, in November 2022, which was once valued at $32 billion. The report, titled "Digital Assets: Insights and Market Trends," provides a comprehensive overview of the digital asset landscape, emphasizing Ethereum's dominant position in the altcoin sector.

Ethereum's Market Capitalization and Staking

Currently, Ethereum boasts a market capitalization of $451 billion, representing 41.7% of the total altcoin market, which stands at $611 billion. Validators have staked 32.2 million ETH, accounting for roughly 27% of the circulating ETH supply. This staking activity has generally increased over time, especially after Ethereum's transition to a proof-of-stake consensus mechanism with the completion of The Merge in September 2022. Since then, the ETH supply has decreased by 343,000 ETH due to a significant drop in issuance and the implementation of the EIP-1559 burn mechanism.

Historical Market Performance

Historically, Ethereum's market performance post-Bitcoin halving events has been varied. In the 2016 cycle, Ethereum's price initially fell by 45% before skyrocketing by over 3,400%. In the 2020 cycle, its price more than doubled in the months following the halving and continued to rise by 2,150%. However, Ethereum has also faced deep corrections, with the most significant loss in the 2022-2024 cycle being 42%, compared to previous cycles that saw corrections exceeding 65%.

Weekend Market Activity and Predictions

Over weekends, typically characterized by reduced market activity and lower trading volumes, Ethereum found renewed demand at around $3,100. Prominent crypto analyst Michael van de Poppe predicts that the upcoming launch of the Ethereum ETF next week could catalyze a significant price reversal, attracting more interest and trading activity.

Insights from the ETH.CC Event

Insights from the ETH.CC event highlight Ethereum's underestimated influence on social media and its crucial role in the future of decentralized finance (DeFi). The conference showcased Ethereum’s robust ecosystem, innovative projects, and its potential to revolutionize various industries. Van de Poppe expressed his optimism about Ethereum’s future, stating, "I’m happy to be long on $ETH!"

Institutional Investments and Future Predictions

Adding to the excitement, Blackrock’s tokenization fund has amassed a remarkable $500 million on the Ethereum blockchain. This substantial investment underscores the growing confidence in Ethereum’s technology and its ability to handle large-scale financial operations, attracting more institutional interest.

Echoing a bullish stance, crypto enthusiast Timothy Peterson predicts that Ethereum's price could soar to between $4,600 and $6,000 by March 2025, up from its current trading price of $3,120. He also believes there’s a 90% chance that Bitcoin will reach a new all-time high within the same timeframe. These projections are based on similar analyses he has conducted previously, reinforcing the optimistic outlook for Ethereum's future.

Conclusion

Ethereum's impressive valuation increase, the anticipated launch of the Ethereum ETF, and significant institutional investments all point to a promising future for the cryptocurrency. As Ethereum continues to grow and innovate, it solidifies its position as a leading player in the digital asset space.

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15 Jul, 2024

Vietnamese President Visits Laos to Boost Trade, Cooperation

President of Vietnam, To Lam, visited Laos on 11-12 July, receiving a warm welcome from President of Laos, Thongloun Sisoulith.The visit aimed to enhance a robust relationship between the two nations, celebrating 62 years of cooperation. The two presidents signed seven agreements at the National Assembly In Vientiane to continue the development of economic, business, and inter-governmental relations.Laos and Vietnam trade amounted to USD 476.8 million in the first quarter of 2024, marking a 12 percent increase compared to the previous year, making Vietnam one of the top three foreign investors in Laos. Vietnam has invested in 245 projects in Laos, totaling USD 5.5 billion.Additionally, the two leaders launched the citizen and ID database project during a ceremony attended by high-ranking delegates. President To Lam also provided 20 Vinfast cars to assist Laos in hosting the ASEAN Chairmanship 2024. On the same day in the morning, the president of Vietnam, To Lam laid a wreath at the Unknown Soldier Monument in Vientiane to show respect to soldiers who passed away with sacrifice. The two sides also discussed and exchanged their countries’ economic perspectives and international issues.President Lam paid a visit to Sinlavong Khoutphaythoune, President of the Central Committee of the Lao Front for National Construction (LFNC) in Vientiane to strengthen the cooperation between the Central Committee of the Vietnam Fatherland Front (VFF) and LFNC. He emphasized the importance of the cooperation agreement signed by the two organizations for the period of 2022 to 2026 and encouraged collaboration in various areas such as ethnic affairs and public engagement.The Vietnamese president also visited former senior leaders of Laos including former Party General Secretaries and Presidents of Laos Choummaly Sayasone and Bounnhang Vorachith as well as former Lao Prime Minister Thongsing Thammavong to express gratitude to the host. He also visited a telecom joint venture in Laos as part of his ongoing visit in Laos. In the evening, President Thongloun Sisoulith hosted a dinner to welcome President To Lam and his delegation.

10 Jul, 2024

Vientiane Sees Over 20% Surge in Tourist Numbers in First Half of 2024

Vientiane Capital welcomed a total of 674,196 visitors in the first six months of this year, including international and domestic tourists.This surge in number has resulted in an increase of tourists by 26.31 percent and a 44.02 percent rise in revenue compared to the same period last year, as reported by a state media.Viengphone Keokhounsee, the head of the Department of the Ministry of Information, Culture, and Tourism in Vientiane Capital, emphasized during a meeting on 9 July that the authorities has been making efforts to boost tourism since the launch of “Visit Laos Year 2024” at the That Luang festival last year. These efforts consist of improving infrastructures, enhancing tourist service, promoting tourism, and close collaboration with various sectors, including the government and businesses. Viengphone expressed optimism that ongoing developments in the tourism sector will attract an even larger number of tourists in the next half of the year.As Visit Laos Year 2024 is on the run, the country has seen a substantial rise in tourism numbers across provinces. In the northern Laos, Oudomxay Province saw an increase in tourists to over 113,000 visitors in the first half of 2024 which is higher than the previous year and only attracted 107,000 visitors in the first nine months.Additionally, in the first three months of this year, Laos welcomed over 1.1 million international tourist arrivals, with top arrivals from Thailand, Vietnam, and China. Laos is targeting to welcome over 4,6 million international visitors and generate estimated revenue of USD 1.3 billion.