Ethereum Enters the USD 3,000 Era
The native token of the most popular smart contract platform, Ethereum (ETH), just surpassed the USD 3,000 level for the first time in its history.
At 03:20 UTC, ETH trades at USD 3,038 and is up by 3% in a day and 32% in a week. The price is now up by 1,320% in a year.
Meanwhile, the most popular cryptocurrency, bitcoin (BTC), increased by 1% in a day and 19% in a week, reaching USD 58,105.
“Ethereum is rising and not much seems to be in its way,” Edward Moya, a senior market analyst at Oanda Corp., per Bloomberg, wrote in a note Friday, adding that other tokens were also seeing “fresh interest.” Also, Evercore ISI strategist Rich Ross has set a target of USD 3,900 for the token, the report added.
ETH price chart:
Last week, Fundstrat Advisors reiterated their USD 10,500 price target for ETH.
“Ethereum’s market cap has risen to ~30% of Bitcoins over recent weeks. During the last market cycle, Ethereum broke this level and head as high as 80% of Bitcoins value–we’re not predicting exactly this but its a useful frame of reference,” they said.
According to Fundstrat, when new investors come to crypto the first asset they generally hear about and buy is Bitcoin before learning about other assets and allocating across the space.
“We think the same learning curve is playing out with institutional investors right now where the crypto narrative is shifting from Bitcoin to Ethereum and other segments like DeFi and Web 3 apps,” the firm said.