Giant market research firm Fundstrat Global Advisors thinks that today’s Ethereum (ETH) price could hit a new record $ 10,500.
Fundstrat Global Advisors shared its ETH target in its weekly report dated April 29 . According to the company, there is a transition to the second largest digital asset ETH. Fundstrat Global Advisors made the following statement about the market:
“When new investors come to cryptocurrency, usually the first asset they hear about and buy is Bitcoin before learning about other assets and allocating them to the domain .”
It is a fact that Bitcoin is the most common digital asset. But, according to the company, the situation is now changing. Fundstrat Global Advisors thinks institutional investors are also similar to new investors and are just beginning to learn about other crypto assets. For this reason, from Bitcoin; It envisions a transition to Ethereum, DeFi, and web 3.0 applications. The firm explains the reason for expecting an increase in ETH price as follows:
“One of the reasons why we’ve remained on the rise in Ethereum is because of the huge amount of development happening there and the resulting economic activity in the digital economy.
In addition, the company is in an upward expectation not only in Bitcoin and Ethereum, but also for the entire crypto space. While the firm’s Ethereum target is $ 10,500, Bitcoin is thought to reach $ 100,000 this year. Moreover, the total value of the cryptocurrency market can reach up to $ 5 trillion. Fundstrat humbly thought his predictions were achievable, and said:
“We know that hitting $ 5 trillion cryptocurrency can sound crazy. We are aware of where this will put the market relative to other assets. We did not forget that the dot.com bubble peaked with $ 4.5 trillion. But, as we wrote extensively, we think crypto is the next wave of the internet economy. “
What is written here is not an investment advice.