Ethereum (ETH) is expected to overtake Bitcoin (BTC) in 2025, says Steno Research.

ether (Ethereum), the second-largest cryptocurrency by market capitalization, is likely to overtake its larger competitor, Bitcoin (Bitcoin) in 2025, Steno Research said in a report on Sunday, citing historical trends and Donald Trump’s victory in the US election.

Bitcoin is expected to reach at least $150,000 next year, up from about $94,000, while ethereum will double to at least $8,000 from $3,400, the report said.

Steno said it expects the Ether/Bitcoin ratio to rise to 0.06 in the next 12 months from the current 0.0357, reversing the price action seen in previous sessions.

Altcoins will be a focus, she said.

“This prediction is partly based on the argument that Donald Trump’s US presidential win is more favorable to altcoins than Bitcoin,” analyst Mads Eberhardt wrote.

Bitcoin’s market dominance is expected to decline to as much as 45% from its current level of about 56.6%, the memo said.

Steno said the total value locked (TVL) in decentralized applications is expected to reach a new high of $300 billion next year, and if the prediction holds true, it also supports the argument for higher altcoin prices.

The potential introduction of new cryptocurrency exchange-traded funds (ETFs) in the US also reinforces the positive outlook for altcoins, Steno said.

“2025 will see institutional adoption of cryptocurrencies on an unprecedented scale,” the report added.

Read more: Bitcoin Will Reach Record High of About $185K in 2025 as Nation-States Buy Out: Galaxy Research