Raoul Pal, a co-founder of financial content provider Real Vision, said on Wednesday he could see ether rallying by as much as 300% into the year end from its current level around $4,100 right now.
The native token of the ethereum network is on course for a stellar year. So far in 2021, it's gained almost 500%, compared to the roughly 100% rise in the value of bitcoin. Ethereum's faster transaction speeds, lower fees and versatility in running anything from decentralized finance applications to hosting non-fungible tokens has made ether hugely popular among investors. Some say it could eventually overtake bitcoin in terms of market capitalization, in an event known as "flippening"
Pal, a huge crypto bull who has over 700,000 followers, is even more enthusiastic on ether's prospects. He compared the potential gains over the final weeks of this year to those in bitcoin back in 2017, when it soared by 150% between mid-November and the end of the year's then-record just below $20,000.
"Now, I don't expect perfection but with all the other analysis I have done, something like a 100% to 300% rally is highly probable into (the) year end. Nothing is (certain). Pal said in a tweet on Wednesday.
"After that, it's a tougher call but I think it possibly elongates and sees significantly higher prices."Raoul PalRaoul Pal Twitter
Bitcoin started 2017 at around $1,000. It rallied around 200% from about mid-November to the year-end. Its bull run didn't last at that time. After brushing $20,000 in January, it ...