• Big social platforms are getting into the NFTs space which will expose them to the Ethereum network.
• An Ethereum NFT is in the works after the wide acceptance of the Bitcoin ETF.

Ethereum (ETH) has only recently reached a new all-time high after climbing above $4,300. This move was largely fueled by the successful deployment of the Altair upgrade. This upgrade brings the network one step closer to the final launch of the highly anticipated Ethereum 2.0. But even as Ethereum finds stable support just under its new ATH, investors and analysts are already plotting another jump to set a new all-time high.

One of those confident that Ethereum is not done yet and has a higher position to hit is market analyst Lark Davis. The analyst believes that at current levels, ETH is massively undervalued and has the potential to reach as high as $10,000. If achieved, this means that the digital asset will have more than doubled from its current position. Although the analyst did not give any specific date when the digital asset would achieve this, he was quick to give the number of reasons why he thinks Ethereum is headed for this price target.

Big social media interest in Ethereum NFTs

Recently, Reddit and TikTok have confirmed their entry into the NFT space. Both are interacting with the Ethereum network for the issuance of tokens and NFTs. Reddit has over 400 million monthly active users while TikTok has over 1 billion monthly active users. Another big development is Twitter’s announcement about Ethereum based NFTs ambitions. Twitter has over 330 million monthly users and its CEO has been a major activist of blockchain technology and Bitcoin in particular.

Facebook has also finally launched its digital assets wallet. This will allow Facebook users to store and exchange digital assets, stablecoins, and NFTs. With Ethereum dominating the NFT space, this is set to be huge for the network and its native token. Facebook boasts of over 2.8 billion users per month.

Although not all in the social media platforms will get involved with NFTs and Ethereum, any percentage of this will go a long way to the mass adoption of the Ethereum blockchain.

Ethereum ETFs

Bitcoin ETFs are already trading in a number of countries, but for the U.S, the market watchdog only recently accepted Bitcoin futures ETFs. For countries already trading ETFs, the next major asset to be listed will be Ethereum and for the U.S an Ethereum futures ETF seems inevitable. Notably, Canada has Bitcoin and Ethereum ETFs.

Lark Davis notes that ETFs not only drive more interest to Ethereum but also bring a different kind of investors. These are mostly institutional investors who find buying Ethereum directly too complicated.

Big money coming to ETH

Sticking with institutional investors, Lark Davis adds that ETH has been gaining a lot of attention from institutional investors. A majority of investors will go big on Bitcoin and Ethereum to reduce their risk and maintain the potential for high profits.

POW to POS

Davis notes that investors need to factor in the upcoming proof of stake that allows for ETH burning and reduce mining rewards. Ethereum is set to bring an annual negative supply rate of -2 percent. So far, there has been over 700,000 ETH burnt. Market analysts note that this development has made ETH a deflationary asset making it ‘sound money.’

Although Ethereum looks to be second in market value for most of the foreseeable future, when it comes to building stuff on the blockchain, Ethereum is set to continue dominating the space. Its scalability issues and high gas fees will be fixed with the full launch of Ethereum 2.0 which remains on track for full deployment enabling it to continue integrating more protocols and projects.