- The price of Ethereum – the second-largest cryptocurrency based on market value – has received a price target of $10,500 for the year. These are the details.
The price of Ethereum – the second-largest cryptocurrency based on market value – has received a price target of $10,500 for the year. This price target was provided by Fundstrat.
“Ethereum reached a new all-time high of $2,800 this week. We’re maintaining our overweight Ethereum vs. Bitcoin recommendation from April 2020 and reiterating our ~$10.5k price target from January this year,” wrote Fundstrat in a research note. “Ethereum’s market cap has risen to ~30% of Bitcoins over recent weeks. During the last market cycle, Ethereum broke this level and head as high as 80% of Bitcoins value – we’re not predicting exactly this but it’s a useful frame of reference.“
Fundstrat noted that Ethereum is transitioning from a currency such as Bitcoin to a crypto capital asset where a portion of the network transaction fees are being used for buying back (burn) and retiring (treasury stock) ETH supply.
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