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The Fundstrat Briefing maintained its bullish bitcoin price outlook for 2018, forecasting BTC/USD at $10,000 by the end of the year. The report also sees a continued downward slide in ethereum prices throughout the year, with the cryptocurrency reaching a low of $150 by the end of 2018. Fundstrat’s Tom Lee and Sam Doctor explain the reasoning behind their price predictions in the report.
The Fundstrat analysts have issued a new report on the state of the cryptocurrency. The report notes that there is a correlation between Bitcoin price and the number of unconfirmed transactions. At present, bitcoin and other cryptocurrencies are experiencing a great deal of congestion, with many unconfirmed transactions. The analysts have maintained their $10,000 price target, which implies over 100% upside from the current levels. But they do not expect this trend to continue. Instead, they maintain a 2018 bitcoin price target of $20,000.
In the latest Fundstrat Global Advisors Weekly Crypto Briefing, the firm’s senior digital assets strategist David Grider believes that the $100,000 per coin price target for bitcoin is still intact. Furthermore, Fundstrat estimates that the price of Ethereum will reach the $10,000 mark and that the entire crypto economy is on its way to reaching $5 trillion.
Fundstrat maintains $100K bitcoin target at
Fundstrat, an independent financial research firm, has a very optimistic view of the current trajectory of cryptocurrency markets in the future. David Grider, Fundstrat’s digital assets strategist, explains in the firm’s weekly digital assets briefing that bitcoin (BTC) has recovered after a good cooling off period last week.
The Grider report also indicates that the macroeconomic environment remains supportive [and] that the bull market remains intact. Highlights of Fundstrat’s briefing:
We believe the bull market remains intact and maintain our bitcoin price target at $100,000.
Fundstrat cites the fact that the Federal Reserve met this week and decided to ease monetary policy further as a reason for the increase. Recent indications from the Fed that it intends to remain accommodative should support risky assets like cryptocurrencies, Grider said.
The digital assets strategist says he predicted an influx of companies into the crypto space back in January, and Fundstrat says that has largely come true. Grider noted that the company believes this will happen more often and will be one of the new sources of capital inflows into the crypto economy.
Ethereum continues to outperform Bitcoin
After the report discussed Bitcoin (BTC) and crypto companies, Fundstrat’s Grider said the firm maintains a price target of $10,500 per Ether, noting that crypto assets continue to outperform BTC. Ethereum’s digital economy gives Fundstrat executives a bullish outlook, and the report notes a lot of developments on the ETH network.
These applications generate three times the cost on the Ethereum network as bitcoin, which has three times the market capitalization. Ethereum and other apps are enabling new financial applications that have grown significantly in size over the past year, according to the Fundstrat report.
Ethereumwins from itsrivals
Fundstrat is not alone in predicting that the price of Ethereum (ETH) could reach the $10,000 per coin mark. Noted digital asset advocate and investor Spencer Noon also revealed that Ether hit the $10,000 mark this week. Noon posted a list of 10 signs on Twitter that ETH is on its way to $10,000.
Ethereum outperforms all blockchains in terms of commissions paid, with a current volume of nearly $7 billion, confirming the strong demand for the ETH blockchain, Noon added. Twitter continued this theme:
Ethereum does $30.5 billion a day in transactions, far more than Bitcoin and all other blockchains. To put this figure into context, Paypal does $2.5 billion a day in transactions. Ethereum has 625,000 daily active addresses (MA at 90 days) – a number that continues to grow and is now at a comfortable ATH level.
On Twitter, Noon goes on to list the current advantages of ETH over BTC. Bitcoin.com News recently explained how Ethereum’s market valuation was challenging BTC’s dominance. In fact, ETH’s dominance has jumped above the 15% area in recent days and now stands at 14.6%.
At the beginning of 2021, BTC’s dominance was about 60%, and this year it has even increased to 70%. However, thanks in part to the market capitalization of ETH and a number of other crypto assets, BTC’s dominance is taking a bite out of bitcoin’s lunch.
What do you think of Fundstrat’s latest financial research briefing? Do you think Ethereum will reach $10,000 per unit? Let us know what you think in the comments below.
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