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Strategy’s Bitcoin sale on Monday, after a long hiatus, triggered sharp declines in $BTC and the broader cryptocurrency market.
Bitcoin, which was above $70,000 on Monday, fell to $61,000 in the morning hours, while altcoins also experienced sharp declines.
Ethereum ($ETH) also fell to the $1,700 level, and with this decline, $ETH dropped out of the list of the world’s top 100 assets by market capitalization.
According to InfiniteMarketCap data, Ethereum ($ETH) dropped out of the list of the world’s top 100 assets by market capitalization today. With a current market capitalization of approximately $211 billion, $ETH fell five places from yesterday’s ranking to 104th. Bitcoin ($BTC) also dropped to 16th place, overtaken by the Vanguard S&P 500 ETF (VOO).
Target for Ethereum ($ETH) is $250,000!
While the market predicts that Ethereum could fall further, big bull Tom Lee has set a long-term price target of $250,000 for $ETH, citing artificial intelligence and tokenization as reasons.
Bitmine President Tom Lee has set a long-term price target of $250,000 for Ethereum.
Speaking at the Proof of Talk conference in Paris, Lee stated that the current market pessimism was a buy signal for him.
Lee, who foresees the rise of a machine-to-machine economy driven by autonomous AI agents, argues that Ethereum will serve as the base currency for purchasing computing power.
Lee suggested that the combination of Ethereum-based stablecoins and tokenized asset growth could drive the network’s value to trillions of dollars.
Lee concluded by noting the increasing institutional Ethereum accumulation, emphasizing that Bitmine currently holds approximately 5.4 million $ETH and is nearing its goal of acquiring 5% of the total supply.
*This is not investment advice.