On August 13, Standard Chartered Bank raised its year-end target price for Ethereum from $4,000 to $7,500 on Wednesday, citing improved industry participation and increased Ethereum holdings in recent months. This new target price is nearly 60% higher than Ethereum's three-and-a-half-year high of $4,700 reached on Wednesday.
As the second-largest cryptocurrency, Ethereum has become the preferred choice for investors seeking higher returns. Unlike Bitcoin, which relies solely on price appreciation, Ethereum can be used for staking, where holders lock tokens to support the Ethereum network and receive rewards. Over the past four weeks, Ethereum's price has surged over 50%, driven by the passage of the Genius Act, which aims to establish a regulatory framework for stablecoins pegged to the US dollar. The market expects this will enhance its acceptance and drive up prices of crypto assets, including Ethereum.
Geoff Kendrick, Head of Digital Assets Research at Standard Chartered Bank, stated: "We anticipate that the stablecoin industry will grow approximately 8-fold by the end of 2028, which will have a significant direct impact on Ethereum network fees." Most stablecoins are issued and traded on the Ethereum blockchain, which increases demand for Ethereum transaction fees. (Jinshi)
