Ethereum has been having quite a rally after the recent dip almost a week back. It came back solid making new all-time highs for three consecutive days. Even while I am writing this article, the currency is trading at $2,860 which is also near its all-time-high. And reports suggest that the pace with which the network of Ethereum is expanding it could hit $10k by the end of 2021. This statement was released by Fundstrat, a market research firm. Well, even though I love what I see, the $10k is quite conservative and Ether could rise much beyond that.
Fundstart says Ethereum could hit $10k
There has been a huge surge in the amount of Ethereum tokens locked in DeFi protocols. Plus, many are based solely on the network of Ether. NFTs, which are also a booming sector, in the digital art world are also using Ethereum quite a lot. All this has led to increased use of the currency’s network and is also pushing the price of Ethereum to new highs daily. Even though Bitcoin is the largest cryptocurrency globally, it has much lesser practical use cases as compared to Ethereum. And this has given the latter a significant advantage over the former.
Ethereum has already increased by 40% this month and is continuously pushing higher. Their daily charts have also been tuning out and the movement similarities that we used to see are becoming less prominent every day. Therefore, it is a safe bet to believe what Fundstrat has to say about the Eth price target of 2021. A $10k price is definitely on the cards with so many Decentralized finance apps shifting to their protocols. It is slowly becoming the base of every major DeFi project in existence.
Ethereum’s market cap has already become 1/3rd of the entire market cap of BTC. And if the growth rate of Etherum and Bitcoin is any indication, in a few years ETH might be larger than BTC.
What does reaching the $10k dollar mark means for ETH?
If Ethereum could hit $10k by the end of 2021 then it would cross the $1 trillion market cap and might become the 2nd cryptocurrency to do so. At the same time, it is also going to take many other alts with it to new highs. As most cryptocurrencies move in a concordance and the market is either bullish or bearish, it is safe to say that a bullish 2021 will be great for every token. Fundstrat also says that Bitcoin would reach $100k by the end of the year. And this will make the entire crypto market worth $5 trillion.
D you think that Ethereum could reach $10k by the end of the year? or Do you have even higher hopes for the currency? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.