Matthew Sigel, the head of digital assets research at VanEck, envisions a scenario where Ethereum (ETH) could potentially soar to a staggering $154,000, a target previously set by the asset manager in a recent report.

During a recent interview with Bankless, Sigel elaborated on how Ethereum could achieve a six-figure price by expanding its market share.

“If ETH were to capture 90% of all smart contract value intermediation, it would essentially represent 15% of the total financial markets, 50% of the advertising market on open-source blockchains, and between 20% to 25% of IT infrastructure and AI transactions on open-source blockchains,” explained VanEck’s head of digital assets research.

Sigel also noted that the global macroeconomic conditions would play a significant role in determining whether Ethereum could reach such lofty price levels.

“In a scenario where emerging markets perform strongly, and the US dollar weakens significantly, alongside a favorable regulatory environment towards open-source digital assets, Ethereum could potentially capture a substantial portion of the value,” he added.

In a report published earlier this month, VanEck set a more conservative target of $22,000 for Ethereum, representing a potential gain of 518% from its current value. However, to achieve the bullish target of $154,000, Ethereum would need to appreciate by a staggering 4,225%.

As of the time of writing, Ethereum is trading at $3,560.

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