Ethereum, the 2nd largest digital currency by market capitalization, might witness further gains towards ten thousand dollars this year subsequent to attaining a new all-time high of approximately 2920 recently – a roughly threefold increment forecasted by FundStrat, a crypto market research firm.
Notably, Ethereum is up by more than forty percent for the month to date versus a five percent drop for BTC. In a research note published by FundStrat recently, the firm mentioned,
“We’re maintaining our overweight ethereum vs. bitcoin recommendation from April 2020.”
The note mentioned,
“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.”
It is to be noted that FundStrat is bullish on Ethereum as new financial applications are being developed on the Ethereum network, which has grown outstandingly in scale over the last year.
“In crypto accounting terms, this is the same as a company using revenue, less operating costs and earning 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 anticipates BTC to touch 100k USD this year and the overall digital asset market capitalization to cross the 5 trillion USD mark.
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