Raul Pal, co-founder of financial content provider Real Vision, said Wednesday that right now he could see the ether rise by as much as 300% from its current level of around $4,100.
The Ethereum network's own token is set for a stellar year. So far in 2021, it has grown by almost 500% compared to the roughly 100% growth in the value of bitcoin. Ethereum's faster transaction speeds, lower fees and versatility in launching anything from decentralised financial applications to hosting non-interchangeable tokens have made ethereum extremely popular with investors. Some say it could eventually overtake bitcoin in terms of market capitalisation in a case known as " fluctuations ".
Pal, a huge crypto bull with over 700,000 followers, is even more enthusiastic about ether's prospects. He compared the potential gains in the final weeks of this year to bitcoin revenue in 2017, when it was up 150% from mid-November to the end of the year, which was then a record - just under $20,000.
"Now, I don't expect , perfection , but with all the other analysis I've done , something like a 100% to 300% rally is very likely , in (at) the end of the year. There is nothing (for sure). Said Pal in a tweet on Wednesday.
"It will be more difficult after that, but I think it will probably lengthen and lead to much higher prices."
Bitcoin started 2017 at around $1,000. From around mid-November to the end of the year, it was up around 200%. At the time, its bullish run did not last long. After making $20,000 in January, it quickly sold off, losing almost 70% in a month.
"I've been showing this creepy chart of ETH versus BTC in 2017 in various forms. This is my live CIX on Bloomberg .... Even nailed this sell-off .... To the day and price. What happened next? A 300% -something rally. From tomorrow," Pal said.
Pal compared bitcoin price dynamics during the last weeks of 2017 and also analysed the price dynamics of ether this year.
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Ethereum hit a record high just below $4,900 last week. The NFT boom - essentially digital collectibles and blockchain-based games such as Axie Infinity - has attracted billions of dollars in investment. With the advent of the meta-universe - a virtual immersive world - even more people are likely to invest in products that run on Ether itself, or in competing networks such as Solana or Avalanche.