Ethereum (ETH) continued its upward movement along with Bitcoin (BTC) and made some strong moves, surpassing the $ 700 levels. Thanks to this, the ETH price reached the highest level of 2020, $ 744.
At press time, Ethereum is trading at $ 730 with a market value of $ 83 billion. The next target for ETH is currently $ 800, as the world’s second largest cryptocurrency is thought to reach a market cap of $ 100 billion in a short time.
Even at the current price, ETH is trading at 50% less than the all-time high of $ 1400. Several market analysts say that big money will start flowing into Ethereum (ETH) once the Bitcoin (BTC) rise has calmed. CryptoQuant CEO Ki-Young Ju stated that ETH has a low value in terms of corporate acquisition. Probably the only reason behind this is that BTC institutional inflows are still very strong for now. Ju also added that if Grayscale clients rebalance their portfolios based on ETH market value, its real price should be $ 903.
Many analysts stated that 2021 could be the Ethereum year. With the launch of CME Ether Futures in February 2021, corporate interest in ETH is likely to increase further.