Despite Ethereum's price remaining relatively flat recently, Boomer Saraga, founder and CEO of Khelp Financial, believes the Ethereum network is nearing peak performance.
In an interview on August 14 with Schwab Network, Saraga noted that Ethereum is hitting record highs in onchain activity and anticipates that the price will soon follow suit.
#Ethereum ETFs have been live for 2 weeks 💥
Khelp Financial CEO Boomer Saraga speaks to the flows and how they compare to the trends from #bitcoin funds. @NPetallides $ETH
🗣️ “From a fundamental standpoint, Ethereum is reaching all-time highs and I expect the price to follow.”
— Schwab Network (@SchwabNetwork) August 14, 2024
Saraga pointed out that Ethereum’s fundamental metrics and user activity are at all-time highs, with over 2 million active users across its mainnet and layer-2 solutions.
He also highlighted that the network is securing more collateral than ever, although Ethereum’s total value locked (TVL) is currently $48.88 billion, down 13% since mid-July and 49% below its peak from November 2021.
Despite these positive indicators, Saraga mentioned that Ether’s price is currently lagging behind the network’s performance metrics.
On the other hand, Bitwise Chief Investment Officer Matt Hougan expressed optimism that Ether could surpass $5,000 by the end of 2024, driven by recent developments such as the launch of spot Ethereum ETFs on July 23. Although these ETFs have experienced a net outflow of $366.3 million, Hougan believes they will contribute to Ether reaching new highs.
Tether’s USDT, the largest stablecoin, continues to strengthen its market position, with its market capitalization nearing $120 billion for the first time.
A cryptocurrency investor earned $131.72 million by buying Ether during the 2022 market downturn and holding onto it through two years of market uncertainty.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.
Crypto-focused travel booking platform Travala has announced its integration with Solana, the fourth-largest blockchain by market cap, marking its third network addition after Ethereum and BNB Chain. CEO Juan Otero revealed this development during a panel at Solana Breakpoint in Singapore.