Fundstrat Global Advisors strategist David Grider predicts that the price of ethereum could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday. The estimate implies a near 700% upside on the current ether price hanging above the $1,300 range.
According to Grider, ether (ETH) – the second largest digital asset after bitcoin (BTC) – will continue to benefit from its relationship with decentralized finance (defi) applications, the majority of which are built on the Ethereum blockchain, and have seen massive growth in 2020.
He also premised his prediction on the recent upgrade to the Ethereum network, which is targeting to become a blockchain for an entire financial system. When fully completed, he said, the three-part upgrade would allow the blockchain to process the same number of transactions as those done by the likes of Mastercard Inc. and Visa Inc.
“Ether is the best risk/reward investment play in crypto,” Grider was quoted as saying, adding that…