- Tom Lee states that Ethereum may be in a supercycle.
- Lee explains how Ethereum is now as Wall Street was in 1971.
- He expects ETH to hit $21,000 in the coming weeks ahead.
Bitmine Immersion’s Tom Lee continues to be the greatest advocate for Ethereum (ETH), the pioneer altcoin asset. Since the entity began to accumulate ETH at a rapid pace this year, Tom Lee has been steadily increasing his ATH target expectations for ETH. Presently, Tom Lee states that Ethereum may be in a supercycle and expects the price of ETH to hit an impressive new ATH at $21,000.
Tom Lee States That Ethereum May Be in a Supercycle
This bull cycle saw far more active BTC and ETH accumulation than any other cycle due to the involvement of financial institutions and other large asset management firms entering the crypto space. Specifically, the success of BTC and ETH ETFs is what likely led to active and aggressive asset accumulation from these entities. So fierce did the crypto accumulation race become that crypto treasuries came to be.
To highlight, BTC treasuries already existed, but this year ETH treasuries made their debut, the most prominent of which was Bitmine Immersion. This company swapped all its BTC to ETH and shut down all Bitcoin mining operations to focus on accumulating BTC. With its leader, Tom Lee, at the helm, the treasury aims to hold at least 5% of the total Ethereum (ETH) supply.
Already, Bitmine Immersion is at the lead as an ETH treasury. To highlight, the treasury has already gathered over 1% of the total ETH supply and is close to covering 2%. This marks the company’s dedication to holding 5% of the total ETH supply, as its accumulation pace is a lot faster than Michael Saylor and Strategy’s Bitcoin (BTC) accumulation efforts. Now, Tom Lee believes that Ethereum is likely in a bullish supercycle.
As we can see from the post above, Tom Lee compares Ethereum’s current state to that of what happened to Wall Street in 1971. He then shares a quick history lesson and explains how Wall Street ensured that the Dollar won dominance when the US withdrew from the gold standard. The Dollar beat out other currencies in the market and ensured the Dollar’s long-term win.
He Expects to See a New ATH ATH at $21,000
Now, due to the tokenization revolution, Ethereum is in the spotlight. Specifically, Tom Lee talks about how Larry Fink, Robinhood, and others want to tokenize everything on the blockchain, and how they’re building on a neutral public chain, of which about 70% of that is happening on Ethereum. Thus, Tom Lee expects the price of ETH to benefit from the success of the blockchain and expects it to hit an ATH of $21,000 soon.