Fundstrat Global Advisors’ most recent “Weekly Crypto Briefing” and the company’s lead digital asset strategist, David Grider, opines a target bitcoin price of $100k per coin is still “intact.” Moreover, Fundstrat believes that the price of ethereum will reach a $10k target, while the entire crypto-economy is “on pace to hit $5 trillion.”
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. Fundstrat’s digital asset strategist, David Grider explains in the company’s weekly briefing covering digital assets that bitcoin (BTC) has rebounded after a “healthy cooling-off period last week.”
Grider’s report further says that “the macro backdrop remains accommodative [and the] bull market remains intact.” The Fundstrat briefing stresses:
We believe the bull market remains intact, and we are maintaining our $100k Bitcoin price target.
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. “The Fed’s recent guidance that it plans to remain accommodative should be supportive for risk assets like crypto,” 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 “happen more and will be one new source for capital flows into the crypto economy.”
‘Ethereum Continues to Outperform Bitcoin’
After the report discussed bitcoin (BTC) and corporates entering the crypto industry, Fundstrat’s Grider detailed that the firm maintains a price target of $10.5k per ether, and mentioned the crypto asset “continues to outperform BTC.” Ethereum’s digital economy gives Fundstrat executives a bullish outlook and the report notes “large amounts of development happening” on the ETH network.
“These applications are generating ~3x the fees for the Ethereum network vs. Bitcoin which trades at ~3x the market cap— Ethereum and others are enabling new financial applications which have grown significantly in scale over the last year,” 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 “10 signs ETH is well on its way to $10k.”
“Ethereum dwarfs every blockchain in terms of fees paid, with a current run rate of nearly $7 billion— confirming massive demand for ETH block space,” Noon added. The Twitter thread continued:
Ethereum settles $30.5 billion worth of value per day, far more than Bitcoin and every other blockchain— to put this into context, Paypal settles ~$2.5 billion daily. Ethereum has 625k daily active addresses (90-day MA) — a figure that continues to climb and now sits comfortably at ATHs.
Noon’s Twitter thread continues to list the advantages ETH has had over BTC in recent times. Bitcoin.com News recently reported on how ethereum’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 ETH’s market cap but also a number of other crypto assets, have been nibbling away at bitcoin’s lunch.
What do you think about the financial research firm Fundstrat’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.