Ethereum's (ETH) price is poised to reach $26,000-$35,000 as the altcoin's market capitalization sooner or later will catch to bitcoin's (EXANTE: Bitcoin), Standard Chartered said in a recent note. The British banking giant admits that the price range "may appear high" compared to the current price, however, the bank thinks the current price reflects not only "the relative complexity," but also the "uncertainty around ETH's development" progress.
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"In other words, while potential returns may be greater for ETH than for BTC, risks are also higher," the bank's analysts say.
The bank points out that the forecast also depends on bitcoin's movement as the largest cryptocurrency by market capitalization should reach $175,000 for ether to hit the above-mentioned range. Standard's calculations come after the bank established a joint venture called Oleam, a blockchain-based trading platform, in a partnership with Linklogis, a Chinese supply chain finance provider. The blockchain-oriented platform will help institutional investors to find opportunities in an alternative asset class.
Earlier in June, Standard Chartered also announced plans to open an institutional cryptocurrency exchange platform for UK and European clients. As part of the process of creating this platform, SC Ventures, the bank's innovation and ventures branch, teamed up with BC Group, the parent company of crypto exchange OSL, which is licensed in Hong Kong.
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