Crypto Analysts Agree Ethereum Could Hit $10,000 Given Recent Movements

Following bitcoin’s all-time high on Wednesday, ethereum, the second-largest cryptocurrency by market value, is approaching its own all-time high.

This week, the digital currency ethereum came dangerously near to breaking the all-time high, reaching $4,379 per coin on the Deribit market. That’s only 0.1141% away from its previous all-time high of $4,384 per coin reached five months ago.

After the first U.S.-based bitcoin exchange-traded fund was created, Ethereum’s market movements have been sluggish during the previous week, as it has taken a backseat to bitcoin. Ethereum and a host of other crypto assets began to pick up the pace in terms of market performance three days following the listing.

According to seven-day data, ethereum is up 21.0% this week and 46.5% in the previous month. Ethereum had outperformed Bitcoin year-to-date, increasing 1,084.4% in the previous year. ETH now has a market value of $513.6 billion, which is less than half of a trillion dollars. Furthermore, ether is far more valuable than it was during the 2017 bull run rising 8,985% from its high in December of that year.

#Ethereum is just 16.5% away from its previous All time high (ATH) & looks promising to hit $10K by the end of this cycle.

So what do you think will #Ethereum hit 10K by the end of this bull run 🤔 pic.twitter.com/1g9A2acC1W
— Anthony Neville (@Antoneville07) October 14, 2021

Sean Farrell, Head of Digital Asset Strategy at Fundstrat, said that he expects that ether will not only surpass its previous all-time high but potentially reach $10,000. Outsized movements in bitcoin tend to follow peaks in ether, as his latest research note points out.

“What we’ve seen in prior bull market cycles for bitcoin is that bitcoin generally leads the rally, capital rotates, investors take their gains and rotate into altcoins, with the most predominant heavily-traded altcoin being ethereum,” Farrell said.

Magnetic Managing Director Megan Kaspar also made the same prediction as Farrell, stating that ethereum could hit $10,000. Both Kaspar and Farrell point to the same underlying cause for their optimistic price targets – ethereum’s network is about to undergo planned deflationary adjustments.

In terms of market capitalization, BTC presently controls 44.5% of the $2.79 trillion total. Ether currently holds 18.3% of the market, and its control has grown significantly over the past few days.