Digital Asset Strategists at the global financial advisory firm, Fundstrat have come to the conclusion that the crypto economy is currently on the pace to hit a $5 trillion market cap.
Known as the Digital oil of the crypto-industry, Ethereum (ETH) is looking to reach $10,000 this year. Surpassing a new all-time-high of $2,780 three days back, the approximate threefold increase in the token is recorded by independent financial research firm, FundStrat.
The firm is bullish on the trajectory of the value in future terms. According to the asset strategist, the company is briefing digital assets weekly.
Fundstrat Global Strategists Release Most Recent ‘Weekly Crypto Briefing’
The most recent briefing by the firm was explained by the digital asset strategist, David Grinder. He reported that,
In the company’s weekly briefing covering digital assets that bitcoin (BTC) has rebounded after a “healthy cooling-off period last week.” “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.”
Grinder remarked that the bullish view of Fundstrat is a result of accommodative reasons put in the Federal Reserve met this week. The firm is looking forward to keeping its monetary easing policies intact.
The statement from Grinder reads, “The Fed’s recent guidance that it plans to remain accommodative should be supportive for risk assets like crypto.”
Ethereum Performance in the Crypto Economy
According to the digital asset strategist, “It had predicted a rush of corporates entering the crypto space back in January and Fundstrat claims that this has come to fruition for the most part.”
He noted that “the company thinks this will “happen more and will be one new source for capital flows into the crypto economy.”
After the report discussed the corporate’s invasion in the crypto-space, Fundstrat’s Grider detailed that
“The firm maintains a price target of $10.5k per ether.” He further illustrated that the crypto asset “continues to outperform BTC.”
The digital economy of the second-largest cryptocurrency compels Fundstrat executives to have a bullish outlook on the token. The report notes that “large amounts of development is happening” on the ETH network.
The report further highlights that “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.”