This Monday, Ethereum continued what looked like a real record run, hitting $3,204, its all-time high. However, this could be just the beginning of a spectacular bull run, believes one financial advisory firm.
A huge growth, by the end of the week?
deVere Group, through CEO and founder Nigel Green, believes that ETH’s time has come and it can increase its market share even more by the end of the week.
“Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market,” he states. “The boom over recent months has been fueled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money. This momentum is likely to build further in the near term and I believe Ether will hit $5,000 within seven days.”
Currently, Ethereum, the world’s second cryptocurrency in terms of market cap, surpassed a 300% year-to-date growth. In contrast, Bitcoin registered a 98% increase.
More and more signals
Nigel Green believes that Ethereum is, in fact, a more scalable currency, compared to Bitcoin, and it’s relying on superior blockchain technology, thus it has the power to attract even more big names.
The current bull run started a few days ago when the European Investment Bank announced its first digital bond sale on Ethereum’s network, led by Goldman Sachs, Banco Santander, and Societe Generale.
What’s interesting is that despite the increased demand and investments in start-ups revolving around it, the supply of ETH has been dropping, meaning that this can also trigger an increase in price.
“Ethereum is already years ahead of Bitcoin in everything but price and fame,” Nigel Green believes. “There’s a real sense that 2021 is the year for Ether. Its time has come.”