Following a historically significant price decline in May and the collapse of FTX in November, the common question that arises in everyone’s mind is–Is cryptocurrency dead? Talking about the second largest cryptocurrency, the key question is whether the price of Ethereum will rise to an all-time high or stay at its current level. Even the biggest and strongest cryptocurrencies swiftly lost value after FTX’s bankruptcy.
Guy Turner, a crypto analyst with Coin Bureau, said that certain factors could cause Ethereum (ETH) to reach $10,000 during the following bull market. Turner explained that a “killer app” may propel a significant surge in Ethereum to the five-figure level.
He believes that a killer product is needed for the overall crypto sector, which goes beyond Bitcoin and Ethereum. Talking about what the “killer app” would be, he said that he usually replies with ‘if I knew, I would start working on it right away.’
He asserted that he has no clue about the app, but also said that we are so close to starting the adventure of what cryptocurrency can do and what its users are capable of. So, he believes that a killer app may emerge and significantly boost one specific industry, perhaps something like GameFi or metaverse.
The expert does add, though, that something less exciting might potentially spur interest in cryptocurrencies. He contends that the introduction of a new central bank digital currency (CBDC) by a significant nation may also encourage individuals to use cryptocurrencies.
“I think all it would really take is a big economy rolling out a CBDC, rolling out one of these central bank currencies and it having kind of insane limitations on how much you can spend or where you can spend it and people just certainly seeing it because it’s all very well people like us talking about it.”
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