David Grider, a strategist from Fundstrat Global Advisors and colleague of Charlie Lee, believes that the second largest cryptocurrency, Ethereum, has good chances to reach the $10,500 level, according to Bloomberg.
DeFi can push ETH to $10,500
Grider's expectation is partly based on the high level of popularity of Ethereum-based financial apps, or DeFi.
Besides, the network is now one step closer to implementing its long-expected update Ethereum 2.0, which is expected to enable it to process the same gigantic amount of transactions that Visa and Mastercard process for their customers.
On Jan. 19, the strategist published a note saying that Ethereum-based DLT computing may be the future of the cloud and that ETH is the "best risk/reward investment play in crypto."
ETH surges to a new ATH above $1,400
This year, ETH has demonstrated a 91 percent rise YTD from the $780 area up to $1,400; on Jan. 19, Ethereum surged above the all-time high achieved in early January 2018 and hit a new ATH at $1,439.