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In a bold prediction, Matthew Sigel, Head of Digital Assets Research at VanEck, says Ethereum’s (ETH) price could reach $22,000 by 2030. Sigel’s projections coincide with a recent market rebound, which saw the price of Ethereum moving back to the $3,500 territory.

Matthew Sigel adds twist to Ethereum forecast

Sigel’s bullish prediction was released in VanEck’s groundbreaking ETH 2030 report. According to the details, VanEck set a $154,000 bull case, a $22,000 base case and a $340 bear case for Ethereum.

While unpacking the report in a Bankless interview, Sigel highlighted that Ethereum must achieve a 70% market share of all layer-1 blockchains to reach the $22,000 base case. To provide context, he noted that Ethereum’s market share is currently at 58%, in the past year. This is the market share of fees paid by users. Accordingly, he emphasized the need to improve Ethereum’s scaling roadmap to get people to use its layer-2 solutions.

Sigel said the firm is getting more bullish on Ethereum and the broader crypto ecosystem He said this in response to questions about why VanEck revised Ethereum’s base case forecast from $11,000 a year earlier. He also said the change was based on expectations of acceleration in the present bull market after the U.S. presidential election in November.

VanEck’s crypto involvement

Sigel added that Ethereum is a productive asset that lets anyone open a storefront on its network, with lower fees. He said VanEck has increased its overall penetration rate for open-source databases. In aggregate, the firm expects 7% of the current topline of financial applications from these databases.

Sigel explained the report was imperative based on the recent approval of spot Exchange-Traded Funds (ETFs) by the U.S. SEC. Sigel added that there is an overall bigger market for income-producing assets than innate assets like Bitcoin (BTC). He, therefore, stated the Ethereum market could become bigger than Bitcoin - in a decade.