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Fundstrat Global Advisors strategist David Grider predicts the price of ethereum could rise to $ 10,500 per unit after the cryptocurrency hit a new all-time high on Tuesday. The estimate implies a nearly 700% rise on the current ether price hovering above the USD 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 financial (defi) applications, most of which are built on the Ethereum blockchain, and have experienced tremendous growth in 2020.

He also made his prediction about the recent upgrade to the Ethereum network, which aims to become a blockchain for an entire financial system. When fully completed, he says, the three-part upgrade would allow the blockchain to process the same number of transactions as Mastercard Inc. and Visa Inc.

“Ether is the best risk / reward game in crypto,” Grider said quoted as saying, adding that “blockchain computing could be the future of the cloud.” Risks could include network upgrade delays or the crypto market turning bearish, the report said.

Ethereum shot 12% to a record high of nearly $ 1,440 on Tuesday amid mounting buying pressure.

Meanwhile, Luis Cuende, co-founder of the Decentralized Autonomous Organization (DAO) Aragon, noted, “When we think about what the Web 3.0 vision offers, institutional investors will recognize that while sovereign digital currencies (BTC) is central, the importance of a programmable economy (ETH) should not be underestimated. “

He added: “ETH fundamentals are as robust as ever. In fact, Ethereum has found an early fit in the product market and the protocol is generating revenue. ETH is certainly growing up as an asset. “

Cuende sees ether bouncing between $ 2,500 and $ 7,500. He also believes Ethereum rivals Polkadot, Cosmos and NEAR are “well positioned to capture meaningful market share” until ETH 2.0 is complete.

What do you think of the Fundstrat Global price prediction for ether? Let us know in the comments below.

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