Ether could be heading for $10.5K, says Fundstrat strategist

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After a new all-time high, the price of Ether (ETH) could potentially soar to USD 10,500, according to a strategist at major market research firm Fundstrat Global Advisors.

Fundstrat strategist David Grider commented that ETH set new historical records of around $ 1,430 in an investor note on Tuesday, Bloomberg reports. According to Grider, the second largest cryptocurrency could soar more than seven-fold to $ 10,500 after setting a new record.

The strategist reportedly said that Ether is now “the best risk / reward investing game in crypto,” stressing that the Ethereum blockchain is the largest foundation for decentralized financial (DeFi) applications. “Blockchain computing could be the future of the cloud,” noted Grider.

As Ethereum has made progress with the proof-of-stake upgrade, the network can scale significantly and process transactions at a similar level to Mastercard and Visa, the strategist added.

The latest Ether prediction comes when ETH broke its new historic record on January 19, 2021, roughly 10 days after Bitcoin hit its ATH of $ 42,000 on January 8. Although Bitcoin had outperformed Ether, it was the first coin to post a new ATH after the 2017 crypto rally, apparently, Bitcoin is less popular in terms of daily transactions. According to data from cryptanalysis firm Messari in January, the Ethereum network now has up to 28% more transactions per day than Bitcoin.

At the time of writing, ETH is trading at $ 1,290, down 9% over the past 24 hours. In the past 30 days, the Altcoin has risen more than 100% according to Cointelegraph’s ETH Price Index.