Tom Lee Predicts Ethereum's Price Will Hit $12,000 By Year-End

(MENAFN- Yolo Wire) Well-known investor and market commentator %TomLee is predicting that %Ethereum (CRYPTO: $ETH) will rally to $12,000 U.S. by year's end.

Lee's bullish outlook would require Ethereum's price to nearly triple from its current level of $4,300 U.S. ETH has never risen above $5,000 U.S.

Yet Lee says Ethereum should benefit from improved investor sentiment towards crypto, institutional buying, and passage of the GENIUS Stablecoin legislation in Washington, D.C.

Lee also notes that Ethereum is the foundational blockchain infrastructure for traditional finance that supports over $145 billion U.S. in stablecoins.

Of course, Lee has a vested interest in his Ethereum prediction after launching %BitMine Immersion Technologies (NYSE: $BMNR), a company dedicated to accumulating ETH as part of a treasury strategy.

Since June 30 of this year, when Lee launched BitMine, Ethereum's market capitalization has grown by more than $255 billion U.S.

Lee correctly predicted Ethereum's recent all-time high of $4,900 U.S. and also has a track record of being accurate with his stock market forecasts.

In 2017, Lee forecast %Bitcoin (CRYPTO: $BTC) hitting $55,000 U.S. at a time when the cryptocurrency was trading at $2,000 U.S. While initially ridiculed, he was eventually proven right.

BitMine currently holds 1.72 million ETH worth $7.65 billion U.S.

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