British multinational payments firm Standard Chartered Plc. is bullish on the two top cryptocurrencies, but it is more optimistic on Ether than Bitcoin.
- Standard Chartered’s global research team believes Ethereum is more like a financial market with lending, insurance, and exchange operations on the platform. It sees Ether at a $26,000 to $35,000 range over the long term.
- The firm noted, however, that for Ether to reach $35,000, Bitcoin would first have to reach the top of the $50,000 to $175,000 price range it expects over the long term horizon. This would mean a 10x increase from the current level of ETH and thrice BTC’s.
- Standard Chartered believes that Ethereum has broader uses than Bitcoin, which it said was more like a currency. Ethereum’s total market capitalization is expected to level with that of Bitcoin over time.
- The firm noted, however, that the current price of ETH reflects the complexity of the platform and uncertainties on its development. It said that while potential gains from ETH may be greater, risks are also higher.
BTC is down 8.76%, while ETH is down 8.71%.
Source: The Block Crypto
