Bitcoin News and Finance
Fundstrat Briefing Maintains Six-Digit Bitcoin Price Forecast, $10K Ethereum Target Skip to main content

Fundstrat Briefing Maintains Six-Digit Bitcoin Price Forecast, $10K Ethereum Target

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory