Ethereum (CCC:ETH) and its fans are not backing down. In fact, the second-largest cryptocurrency set another all-time high this morning above $1,420. So with a new high and major moves in the crypto space underway, what are experts thinking in terms of ethereum price predictions? And what else do you need to know now?
To start, investors should know that the second-largest crypto has been on a tear similar to that of its larger peer. While bitcoin (CCC:BTC) hit new highs above $41,000, it has pulled back, opening interest in a so-called altcoin rally. As bitcoin finds its footing again above $37,000, it is clear that the catalysts behind the crypto space remain. And in fact, with the inauguration of President-elect Joe Biden this week, those catalysts are just heating up. That is because his $1.9 trillion stimulus proposal, among other early initiatives, is stoking fears of inflation. As it does that, crypto bulls will continue to dive into their favorite coins.
On that note, what is actually happening with ethereum today? It turns out that the crypto set a new all-time high this morning of $1,439.33. Investors should note that the move surpasses previously recorded highs of $1,432.88.
Additionally, astute investors are watching just how ethereum is stacking up compared to other financial players. With a market capitalization of $161 billion, the crypto is a sizeable competitor. Over the weekend, that became abundantly clear. Ethereum surpassed big bank stocks Wells Fargo (NYSE:WFC), Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS).
These institutions continue to open support for cryptos, as those same cryptos continue to disrupt all things finance. With that in mind, experts are pounding the table with new ethereum price predictions.
Ethereum Price Predictions: Where Will ETH Go Next?
Mythos founder Ryan Sean Adams thinks ethereum is on track to next surpass Bank of America (NYSE:BAC). With a market cap above $285 billion, that may seem like a stretch… until you see some of the top ethereum price predictions.
At the start of the year, experts like Mike McGlone of Bloomberg hopped on board with a $500-$700 range. With that in the rear-view mirror, ethereum price predictions like a target of $1,493 from DigitalCoinPrice.com seems more relevant. Or, for real bulls, a price target of $9,000 from Blocktown Capital managing partner James Todaro. In fact, InvestorPlace Markets Analyst Tom Yeung sees new heights in store for ethereum. Just last week, he wrote that $2,500 could be in store in 2021. In order to get there, the cryptocurrency will need to see consistent individual and institutional support. It will also need to remain free from cybersecurity threats and hacks.
Looking to the future then, investors can find some confidence with ethereum. That is because, as William Foxley wrote for CoinDesk, a new era of decentralized finance is on the way. Based on new blockchain initiatives from ethereum, it looks like the platform is working to handle an entire financial system. Keep an eye on ethereum, and these bullish price predictions. It looks like the crypto space is only going to heat up in the coming weeks.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.