Ethereum price rose to a new all-time high at $2,872 while there is a forecast of ETH reaching $ 10,000
A few hours ago, Ethereum price surged to a new all-time high, rising to $ 2,872 on the Binance exchange. Ethereum’s rebound continues as more and more financial institutions turn their attention to ETH.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price has printed a new all-time high
Besides, earlier this week, the coin hit a peak price of $ 2,683 when the European Investment Bank announced its intention to launch a 2-year bond on the second-largest blockchain platform. introduced to the world by Vitalik Buterin, Charles Hoskinson, and other co-founders. At the time of writing, ETH is trading at $ 2,859.
Some have suggested that Ether could hit an additional $ 10,000 this year after hitting an all-time high of around $ 2,872 – a nearly triple increase forecasted by FundStrat, a marketing research firm. school.
ETH is up about 40% for the month so far compared with a 5% decline for Bitcoin.
FundStrat wrote in a research note published Thursday:
“We’re maintaining our overweight ethereum vs. bitcoin recommendation from April 2020. Ethereum’s market cap has risen to ~30% of bitcoin’s over recent weeks. During the last market cycle, ethereum broke this level and [had] as high as 80% of bitcoin’s value. The crypto narrative is shifting from bitcoin to ethereum and other segments like DeFi (decentralized finance) and Web 3.0 apps.”
FundStrat is bullish on ETH as new financial applications are being developed on the Ethereum network, which has grown significantly in size over the past year.
“These applications are generating ~3x fees for the Ethereum network vs. Bitcoin, which trades at ~3x the market cap. In crypto accounting terms, this is the same as a company using revenue, less operating costs, and earning a profit that is used to buy back stock. This means the network would become profitable like a company once ETH supply reduction from burned fees outpaces inflation.”
FundStrat also expects bitcoin to reach $ 100,000 this year and the total crypto market cap to reach $ 5 trillion.
You can see the BTC price here.
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