The second-largest cryptocurrency in the world, Ethereum reached a record-breaking high on Tuesday (January 19). David Grider, strategist at the Fundstrat Global Advisors predicts that the price of Ethereum could reach up to $10,500 per unit. The current ether price is now stationed above the $1,300 range and the estimate predicts a near 700% upside on it.
David Grider says, Ether (ETH), the cryptocurrency that precedes bitcoin (BTC) as the second-largest digital asset in terms of volume, will not face hurdles in receiving the benefits from its relationship with the decentralized finance (Defi) applications. The majority of Decentralised Finance which is built on the Ethereum blockchain, has seen immense growth in the year 2020.
Mr. Grider also announced his estimation on the new upgrade to the Ethereum network. The recent upgrade is aiming to transform into a blockchain for the whole of a financial system. “The three-part upgrade would permit the blockchain to process the same number of transactions as those done by the likes of Mastercard Inc. and Visa Inc”.
Grider commented that “Ether is the best risk/reward investment play in crypto,”
He was also quoted for saying that “blockchain computing may be the future of the cloud.” The report that recorded the quote said that the risks of blockchain as a cloud system may include delays in the network upgrade or the crypto market becoming “bearish”.
Ethereum hit a record high of nearly $1,440 on Tuesday which was an increase of 12% and all this time, the buying pressure was also on an increasing streak. One of the founders of the decentralized autonomous organisation, (DAO), Luis Cuende commented on the predictions and estimations made by David Grider saying that, “When thinking about what the Web 3.0 vision provides, institutional investors will recognise that although sovereign digital currency (BTC) is central, the importance of a programmable economy (ETH) should not be underestimated.”
Cuende also said that ETH fundamentals are now as robust as they have ever been. He said that ETH is definitely “maturing” as an asset as it has found its product-market fit quite early and the protocol is making revenue. According to Cuende, the predictions of ether is bouncing between $2,500 and $7,500. In addition to this, he also believes that Ethereum rivals Polkadot, Cosmos, and NEAR “are well-positioned to capture a meaningful market share” until ETH 2.0 is fully executed.
