Ethereum Is Undervalued and Can Go Another 500% From Here: Analysis
Ether could double-down on its recent bull run by surging 500% more which will take it well within a five-digit price territory, suggested a former hedge fund manager and popular crypto analyst, Teeka Tiwari. He further claimed that Ethereum could surpass bitcoin as the most valuable crypto due to the high levels of utilization.
ETH to $13,000?
The Ethereum blockchain is arguably the most used network in the cryptocurrency space. From several stablecoins running on top of it to being the underlying technology behind two of the most popular manias – NFTs and DeFi.
Although this enhanced utilization comes with drawbacks of its own, such as delayed transactions and high fees, it has positively impacted the price of the native cryptocurrency. ETH is more than 200% up since the start of the year as it painted yet another all-time high of over $2,3000 earlier today.
Despite this massive increase, the popular trader Teeka Tiwari still sees the asset as “wildly undervalued” and predicted more bullish developments right around the corner. He believes ETH’s value will expand by 500% from its current position by the end of 2020 alone.
With ETH trading above $2,200 as of writing these lines, such a sizeable surge will take it to roughly $13,000 per coin. The asset’s market capitalization will skyrocket to over $1.5 trillion.
Moreover, Tiwari asserted that ether will eventually surpass bitcoin’s market cap, which is situated at just shy of $1.2 trillion now.
“In my view, two trends – DeFi and decentralized apps (called dApps) – will make Ethereum the most valuable software platform in history. Because when you eliminate the need for a third party or middleman, you can dramatically lower costs.” – he added.
Scaramucci and Cuban Support?
Tiwari outlined that he’s not the only believer in the future of Ethereum. He referred to recent positive comments from SkyrBridge Capital’s CEO – Anthony Scaramucci, and the billionaire investor and owner of the Dallas Mavericks – Mark Cuban.
The former White House Director of Communications recently highlighted Ethereum’s fundamentals and predicted that the native digital asset will become a “sticky” cryptocurrency and “a store of value.”
On the other hand, Cuban referred to ETH as a “true currency” that he started accumulating four years ago and currently comprises about 30% of his cryptocurrency investment portfolio.