Altcoin Daily analysts believe that Ethereum will grow 10 times

Altcoin Daily, a YouTube channel with 1.3 million subscribers, shared a video about the prospects for Ethereum, which the channel’s analysts see as quite bright.

According to analysts, one of the main factors that speak in favor of Ethereum’s growth is the number of smart contracts deployed in the ecosystem. According to Altcoin Daily, it increased by 293% in 2022 and indicates an increase in the value of the asset during the next bullish trend.

Particular attention is paid to the number of tokens burned. Since EIP-1559, $ 4.6 billion worth of ETH has been destroyed. This was mostly due to the large number of decentralized applications developed on the platform. NFTs and DeFi in the blockchain are fueled by the burning of Ethereum, including through OpenSea and Uniswap.

It is worth noting that Ethereum has been really pleasing its investors lately — at the beginning of the year, the asset reached a two-month high. And some analysts believe that during the next market growth, it may even overtake bitcoin, the No. 1 cryptocurrency.