A cryptocurrency analyst, Lark Davis, has a couple of hours ago shared a number of developments around Ethereum (ETH) he thinks would serve as catalysts to push the digital currency to the $10,000 area and beyond.
Davis in a Twitter post said Ethereum futures on CME, increased institutional ETH interest on Grayscale, including the significant growth of decentralized finance (DeFi) sector, which has so far been driven by Ethereum-based DApps will enhance the price of ETH to skyrocket.
According to the analyst, the recent approval of stablecoins by the Office of the Comptroller of the Currency (OCC) will also undoubtedly raise the price of Ethereum (ETH) substantially.
Lark Davis tweeted, “Ethereum futures coming soon, grayscale already seeing first/eth only investors, occ greenlit stablecoin, eip 1559, layer 2, defi…. Yeah, ETH is going to hit at least 10K.”
#ethereum futures coming soon, grayscale already seeing eth first/eth only investors, occ greenlit stablecoins, eip 1559, layer 2, defi….. yeah, ETH is going to hit at least 10k
— Lark Davis (@TheCryptoLark) January 9, 2021
Credible Crypto Expects Ethereum (ETH) To Outperform Bitcoin (BTC)
Another cryptocurrency analyst popularly known as Credible Crypto in the industry expects Ethereum (ETH) to continue to outperform Bitcoin (BTC), adding that ETH would seamlessly surge six folds from the current price level, which corroborates Lark Davis’ assertion as mentioned above.
“Will be selling a lot of spot BTC buys from $10,000 as we approach $50,000 to funnel more funds into altcoins. I have $300,000 as a MAX on BTC in this cycle. That is 6x from $50,000.
“I fully expect most altcoins to outperform [BTC] from here. Even majors like ETH will easily eclipse 6x from current levels.”
Chicago Mercantile Exchange (CME) to Launch Ethereum (ETH) Futures in Early February
A few weeks ago, The Chicago Mercantile Exchange (CME) announced its plan to launch a futures contract on Ethereum (ETH) beginning from 8th February 2021.
CME happens to be one of the world’s leading and regulated derivatives marketplaces that was also the first to launch Bitcoin Futures in December 2017 in conjunction with the Chicago Board of Options Exchange (CBOE).
Each ETH futures contract will have 50 ETH units and the products will be open for trading from Sunday to Friday between 5:00 pm to 4:00 pm CT.
The contracts will also be based on CMF CF, the FCA-approved ether-dollar reference rate from CF Benchmarks.
“Ether is based on blockchain technology and the CME CF Ether-Dollar Reference Rate provides a standardized reference rate to bring confidence to any trading strategy.”