According to Fundstrat Global Advisors LLC, Ethereum, the second-largest cryptocurrency, could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday
That’s an over seven-fold rise from the current price.
Strategist David Grider’s prediction is based in part on the popularity of the related Ethereum blockchain for so-called decentralized finance applications. Ethereum has also made progress toward a network upgrade would allow it to process a similar number of transactions as Mastercard Inc. and Visa Inc.
Ether is “the best risk/reward investment play in crypto,” Grider wrote in a note Tuesday, adding that “blockchain computing may be the future of the cloud.” Risks include setbacks for the network upgrade or a crypto bear market, he said.