Fundstrat strategist: Ether could climb to US$10,500
Ether is moving forward with its proof-of-stake upgrade and has huge DeFi potential. The new all-time high to this could lead to a rise to over US$10,000, according to a Fundstrat analyst.
After hitting a new all-time high, the Ether price could Crypto Code potentially climb to US$10,500, according to a strategist at major market research firm Fundstrat Global Advisors.
Fundstrat strategist David Grider commented in a note to investors on Tuesday that ETH had reached new all-time highs of around US$1,430, Bloomberg reported. Grider said the second-largest cryptocurrency could climb more than sevenfold to US$10,500 after setting that new record.
The strategist said Ether was now „the best risk/reward investment play in crypto“ and stressed that the Ethereum blockchain was the biggest foundation for DeFi applications. „Blockchain computing could be the future of the cloud,“ Grider said.
Ethereum is currently working on its proof-of-stake upgrade and its network could create significant scale and process transactions at a similar level to Mastercard and Visa, the strategist added.
ETH finally managed to surpass its previous all-time high on 19 January 2021
This happened about 10 days after Bitcoin reached its recent all-time high of $42,000 on 8 January. Although Bitcoin beat Ether to become the first coin to hit a new all-time high since 2017, Bitcoin appears to be less popular than Ether in terms of daily transactions so far. According to data from crypto analytics firm Messari in January, the Ethereum network has now recorded up to 28 per cent more daily transactions than Bitcoin.
At the time of going to press, ETH was at around US$1,290. That’s a drop of about 9 per cent in the last 24 hours. Over the past 30 days, the altcoin has risen by more than 100 per cent, according to Cointelegraph’s ETH price index.