Fundstrat Global Advisors CEO and Crypto Bull, Thomas Lee has made a bold prediction for the Ethereum price by the end of next year. In a report by Bloomberg, Mr. Lee is quoted as saying the following:
Ethereum is about to stage a trend reversal and rally strongly. Sentiment is currently overly negative.
Lee further added that when Ether has underperformed other digital assets by two-standard deviations, ETH always reversed those losses. He went on to add that he sees Ethereum price reaching $1,900 by the end of next year.
Other Factors that Could Lead Ethereum price reaching $1,900
Blockchain, the European cryptocurrency wallet provider, launched an Over The Counter (OTC) desk to execute large trades off public exchanges such as Coinbase and Kraken. This move pivots Blockchain in a position to attract more institutional investors into the crypto space. Blockchain joins other OTC providers such as DRW and DV Trading in Chicago.
With Ethereum being the second most popular digital asset in the cryptocurrency markets, the institutional investors are bound to want to purchase it and HODL through the new OTC desk by Blockchain.
Secondly, the firm known as Bakkt is slated for launch this November. The firm has the backing of the New York Stock Exchange, BCG, Microsoft, Starbucks, an affiliate of Fortress Investment Group, Eagle Seven, Galaxy Digital, Horizons Ventures, Alan Howard, Pantera Capital, Protocol Ventures, and Susquehanna International Group, LLP.
Bakkt aims at building solutions for the buying, selling, storing and spending of digital assets, based on already existing time-tested futures markets. The firm made an announcement of their first futures contracts via a tweet that said:
Our first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.
This then states the stage for an exciting period in the crypto-markets as the year comes to an end. A Bitcoin rally will translate to Ethereum also making some impressive gains.
Thirdly, the cryptocurrency derivative platform of LedgerX is reported to be preparing to expand its cryptocurrency portfolio to include Ethereum (ETH). The firm prides itself as being the first federally regulated exchange and clearinghouse to list and clear physically settled Bitcoin swaps and options for the institutional investors that are found on Wall Street.
According to The Block,
The company, however, is waiting for regulators from the Commodities Futures and Trading Commission to get comfortable with the product before making it available to its clients. The source told The Block that approval could come after a regulatory meeting October 5.
Summing it up, Thomas Lee has made a bold price prediction in stating that Ethereum will make it to $1,900 by the end of next year. With the digital asset struggling to rise above $220, the above three factors could be the boost that ETH needs in the markets to reach this price prediction and extinguish any fears of ETH crashing in the markets.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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