David Grider, strategist at Fundstrat Global Advisors, predicts that the price of ethereum could rise to $ 10,500 per unit after the cryptocurrency reached a new historic record on Tuesday. The estimate implies an increase of about 700% in the current price of ether hanging above the $ 1,300 range.
According to Grider, ether (ETH) – the second largest digital asset after bitcoin (BTC) – will continue to benefit from its relationship with decentralized financial applications (defi), most of which are built on the Ethereum blockchain, and have seen massive growth in 2020.
He also made the premise of his prediction about the recent update of the Ethereum network, which aims to become a blockchain for the entire financial system. When fully completed, he said, the three-part update will allow the blockchain to process the same number of transactions as those made by companies like Mastercard Inc. and Visa Inc.
“Ether is the best crypto venture / reward investment game,” said Grider, adding that “blockchain computing could be the future of the cloud.” Risks could include delays in updating the network or the fall in the crypto market, the report said.
Ethereum soared 12% to a record high of almost $ 1,440 on Tuesday, amid increased buying pressure.
Meanwhile, Luis Cuende, co-founder of the decentralized autonomous organization (DAO) Aragon, commented: “When thinking about what the Web 3.0 vision offers, institutional investors will recognize that while the sovereign digital currency (BTC) is central, the importance of a programmable economy (ETH) should not be underestimated. “
He added: “ETH’s fundamentals are more robust than ever. Ethereum, in fact, found the initial adjustment of the product to the market, and the protocol is generating revenue. ETH is definitely maturing as an asset. “
Cuende sees the ether oscillating between $ 2,500 and $ 7,500. He also believes that Ethereum’s rivals, Polkadot, Cosmos and NEAR “are well positioned to capture a significant share of the market” until ETH 2.0 is completed.
What do you think of Fundstrat Global’s price forecast for ether? Let us know in the comments section below.
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