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Over the last couple of days, everyone involved with the cryptocurrency universe was talking about Elon Musk. First, he broke his Twitter silence by praising Dogecoin. Then, he did something way more dramatic – Musk singlehandedly boosted the price of Bitcoin, taking it to its new all-time high, somewhere above $47,000.
How did he do it? Musk’s company Tesla invested $1.5 billion in Bitcoin. Not only did this move make the Bitcoin price go wild, but it also caused tectonic changes in other cryptos. Bitcoin’s runner-up when market capitalization is concerned also saw massive gains for this reason.
In fact, Ethereum broke its all-time record as well. A few days ago, the price of one Ether (ETH) went to over $1,800. According to financial analysts, Ethereum’s bull run is not going to stop there. Analysts from Fundstrat, for example, believe the ETH price will reach $10,500 by the end of the year.
Fundstrat has made its name as one of the most reliable independent research companies in the world with its cryptocurrency predictions. Most of their forecasts proved to be correct, while some cryptos even exceeded the expectations.
That might be the reason why the Fundstrat analysts are going bold this time, raising their crypto price target for Ethereum to a much higher level. Right now, Fundstrat’s target price for Ether is $10,500.
Not only that – Fundstrat also hints that Ethereum might be the very best cryptocurrency to invest in.
In the words of David Grider, who is Fundstrat’s lead digital asset strategist, Ethereum has the best risk-reward ratio of all the cryptos.
In his opinion, Ethereum has a very bright future, not only for its digital currency (Ether) but also for the fact that this technology has a huge number of potential implementations. Grider went on as far as to say that “blockchain computing may be the future of the cloud.”
Apart from predicting much better days for Ethereum, Fundstrat’s strategist is also certain Bitcoin will continue its bullish behavior. The company has increased the Bitcoin target price to $100,000. Previously, their forecast was that the BTC price was going to finish the year around the $40,000 mark.
The number 1 reason behind the increase in crypto prices this week is Tesla’s Bitcoin investment. However, in the case of Ethereum, that’s not the only reason.
What’s been driving Ether’s price up over the last couple of days might also have something to do with the fact that the Chicago Mercantile Exchange (CME) has started with ETH futures trading.
If you’re not familiar with futures trading, it basically enables investors to bet on the price movements of cryptocurrencies. So far, the CME was working with Bitcoin only but starting this week, Ether futures trading is available on this platform.
On Monday, CME launched ETH futures and on the first day of trading, the platform saw 400 contracts being traded, which is about 19,400 ETH. In US dollars, that amount is equal to more than 33 million.
Judging by the experience with Bitcoin, the CME’s decision to launch ETH futures trading operation is likely to strengthen Ethereum’s credibility. CME added BTC to its trading platform, helping to shift media perception of the cryptocurrency. It’s very likely the same will happen with Ethereum, which, in turn, could lead to a much broader acceptance of “Bitcoin’s little cousin.”
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