Ethereum $10k Target In 2021 By Wall Street and XRP Rebounds

0

Last Updated on 1 May 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Whereas traders were fearful that Bitcoin would close out April with a bearish red candle for the month of April, it was able to reverse most of those fears in the last few hours and is climbing towards $60k again.

The whole CoinMarketCap top ten turns green as well, but the past month certainly belongs to Ethereum which has now received an official $10k target price from a major Wall Street analytics firm.

XRP rebounded and is climbing towards the $2 mark again. Dogecoin has also broken away from the 30 cent range and looks like it’s getting ready for a heading towards its all-time high.

Advertentie.

First of May

Normally the month of April is very bullish for Bitcoin, but this time round was different. With a very bearish few days around the middle of the month on rumors of a possible President Biden capital gains tax, Bitcoin fell back down to the $47k level and had trouble straightening its back again ever since. As April ended, BTC did start climbing again and is now trading around $57k on the first of May.

The winner of the past month was clearly Ether though, with many traders hoping for a retrace to the $2,500 or even $2,200 level so they can pick it up. Vitalik Buterin’s coin seems to not care and continues its stellar performance for the month.

At time of publishing, ETH is trading above $2,800 and seems certain to soon break $3k.

Market research firm Fundstrat (of whom Tom Lee is the best known analyst) published a note to customers this week in which the Wall Street firm even put a year end target of $10k on Ether, copying a claim made earlier by Wolf of All Streets crypto analyst Scott Melker.

In i’s document, Fundstrat explained that:

When new investors come to crypto the first asset they generally hear about and buy is Bitcoin before learning about other assets and allocating across the space. We think the same learning curve is playing out with institutional investors right now where the crypto narrative is shifting from Bitcoin to Ethereum and other segments like DeFi and Web 3 apps.

XRP and Doge

In the top ten of CoinMarketcap we furthermore notice that both XRP and Dogecoin are having a great first of May as well.

Ripple Labs CEO Brad Garlinghouse gave an interview to CNBC on Friday in which he sounded bullish as the SEC trial against XRP will soon end. Garlinghouse stated that:

Ironically, here in the United States they have not provided that same clarity. It is the only country on the planet that has said XRP is anything other than a currency,

The SEC has said… XRP is a security. And so we’re now engaged in a court discussion. So far, I feel good about how that’s been going, but it’s certainly frustrating.

Lastly, Dogecoin has a great 24 hours which saw it rebound and leave the 30 cent mark that it had been trading around for a week. At time of writing, Doge is trading above 34 cents, up 10% in the past day.