Ethereum is nearing its former record high from $ 1,440 back in 2018 at the height of the crypto bubble. Those who have the altcoin by the bear market are finally getting the comeback they’ve been waiting for.
But according to the strike price of a December ETH options contract that just debuted, the cryptocurrency could hit as much as $ 10,000 per token by the end of the year.
Ethereum is approaching former record levels even as Bitcoin maximalism reigns
Ethereum is a polarizing cryptocurrency despite the fact that it has earned its place right behind Bitcoin. The crypto community relies on the smart contract-centric platform as much as a basis for DeFi and thousands of other tokens, it is also regularly smashed by Bitcoin maximalists.
Dozens of “Ethereum killers” exist, proving that the rest of the industry is on the hunt for the altcoin‘s throne. It’s one of the altcoins that has a “double digit shitcoinBy a top crypto manager. That director’s opinion may not be very valuable, but that’s a whole different story.
Regardless of what the industry thinks, Ethereum serves as the building blocks of some of the most important projects in the crypto world. Most of the DeFi tokens popular today are built on Ethereum.
And while Ethereum has been more bullish than Bitcoin lately, it still suffers from industry participants drawing attention how much the ETH fees have risen.
But even with rising ETH gas fees making the network look clunky and expensive, the cryptocurrency’s price continues to rise. It is now back at $ 1,200 after hitting double-digit prices in 2020, adding two digits in less than a year.
Could Ethereum really reach $10,000 by the end of this year? | Source: ETHUSD on TradingView.com
Will the Altcoin Get another grade by December 2021? Options Strike price may say
However, according to a newly introduced Ethereum options contract, a different figure before the year is over is not out of the question. Deribit recently revealed the exercise price for its December 2021 Ethereum options contract.
Options are a type of derivative in crypto trading, in addition to futures and CFDs. When the platform unveiled Bitcoin options contracts with a strike price of more than $ 20,000 earlier in 2020, the price was eventually pulled there. Will Ethereum do the same?
Related reading | This eerie Ethereum fractal suggests that the top is … preliminary
Going from $ 1,000 to $ 10,000 in one year doesn’t sound possible, but Bitcoin did just that in 2017 and even hit just under $ 20,000.
According to the chart above, Ethereum would also need a 1000 +% increase to get there. If you’re not sure if that’s feasible, look no further than 2020 where the altcoin climbed 1000 +% of its Black Thursday low until its December close. How will this coming December close the following?
Featured image from Deposit Photos, Charts from TradingView.com