Fundstrat Global Advisorsâ€™ most recent â€œWeekly Crypto Briefingâ€ and the companyâ€™s lead digital asset strategist, David Grider, opines a target bitcoin price of $100k per coin is still â€œintact.â€ Moreover, Fundstrat believes that the price of ethereum will reach a $10k target, while the entire crypto-economy is â€œon pace to hit $5 trillion.â€
Fundstrat Maintains $100K Target for Bitcoin
The independent financial research firm Fundstrat has a very bullish view of the current trajectory of cryptocurrency markets in the future. Fundstratâ€™s digital asset strategist, David Grider explains in the companyâ€™s weekly briefing covering digital assets that bitcoin (BTC) has rebounded after a â€œhealthy cooling-off period last week.â€
Griderâ€™s report further says that â€œthe macro backdrop remains accommodative [and the] bull market remains intact.â€ The Fundstrat briefing stresses:
One of the accommodative reasons for the bullish view Fundstrat mentions is that the Federal Reserve met this week and decided to keep its monetary easing policies intact. â€œThe Fedâ€™s recent guidance that it plans to remain accommodative should be supportive for risk assets like crypto,â€ Grider remarked.
The digital asset strategist said the company said it had predicted a rush of corporates entering the crypto space back in January and Fundstrat claims this has come to fruition for the most part. Grider noted that the company thinks this will â€œhappen more and will be one new source for capital flows into the crypto economy.â€
â€˜Ethereum Continues to Outperform Bitcoinâ€™
After the report discussed bitcoin (BTC) and corporates entering the crypto industry, Fundstratâ€™s Grider detailed that the firm maintains a price target of $10.5k per ether, and mentioned the crypto asset â€œcontinues to outperform BTC.â€ Ethereumâ€™s digital economy gives Fundstrat executives a bullish outlook and the report notes â€œlarge amounts of development happeningâ€ on the ETH network.
â€œThese applications are generating ~3x the fees for the Ethereum network vs. Bitcoin which trades at ~3x the market capâ€” Ethereum and others are enabling new financial applications which have grown significantly in scale over the last year,â€ the Fundstrat report highlights.
Ethereum Towers Over Competitors
Fundstrat is not the only ones predicting ethereum (ETH) prices can make it to $10k per coin. The popular digital asset proponent and investor, Spencer Noon, also discussed ether blasting off to the $10k region this week. Noon tweeted about a list of â€œ10 signs ETH is well on its way to $10k.â€
â€œEthereum dwarfs every blockchain in terms of fees paid, with a current run rate of nearly $7 billionâ€” confirming massive demand for ETH block space,â€ Noon added. The Twitter thread continued:
Noonâ€™s Twitter thread continues to list the advantages ETH has had over BTC in recent times. Bitcoin.com News recently reported on how ethereumâ€™s market valuation has been eating away at BTC dominance. In fact, in recent days, ETH dominance has jumped over the 15 percentile zone, but today is 14.6%.
At the start of 2021, BTC dominance was in the 60 percentile range and even bumped up to 70% this year. However, BTC dominance, partly due to ETHâ€™s market cap but also a number of other crypto assets, have been nibbling away at bitcoinâ€™s lunch.
What do you think about the financial research firm Fundstratâ€™s recent briefing? Do you think ethereum will get to $10k per unit? Let us know what you think about this subject in the comments section below.
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