Bitcoin price in 2017 skyrocketed to the point that it was almost at $20,000. But after regulators tried to get their hands on the crypto market, Bitcoin’s price slipped as low as around $6,000. However, Bitcoin recently is showing an upward trend with support at $9200 and $8600.
Could this mean a sign of good things to come for Bitcoin? It isn’t just Bitcoin investors that are having a positive outlook on the crypto market. In fact, you also have the likes of Ethereum gaining momentum as well.
Ethereum Prediction for 2018
If you will ask an executive of a financial consulting firm, he predicts that Ethereum could actually skyrocket record-setting price this year. It can rise fourfold to $2500.
According to Nigel Green who is the founder and CEO of deVere Group, “The price of Ethereum is predicted to increase significantly this year, and could hit $2500 by the end of 2018 with a further increase by 2019 and 2020”.
Different Factors At Play
There are different reasons as to why the executive predicts that Ethereum is going to shoot up to $2500 this year. One, a lot of platforms are now using Ethereum for trading. Next, you also have the possibility that smart contracts are actually expanding. And third, you have the fact that decentralization of cloud computing favors Ethereum.
Despite the growing regulations on the crypto niche, it seems that Ethereum is here to stay considering long-term confidence of the market not to mention the presence of greater investor protection. It is even the cryptocurrency of choice by makers of new tokens mainly because of efficiency and flexibility offered by the platform.
The current Ethereum market value is now at $67.5 billion. In addition to this, Ethereum also boasts of its fast processing time when it comes to transactions. Compared to Bitcoin’s 10-minute transaction, Ethereum has an average processing time of just 14 seconds.
Things Are Looking Good For Cryptos
Things are already looking good for cryptocurrencies. Despite the changing regulations, Nasdaq CEO Adena Friedman mentioned that the crypto market is a legitimate market. She mentioned that it is just a matter of time before the crypto space matures.
Crypto exchanges are now favored by Nasdaq. Nasdaq is even collaborating with a crypto exchange, called Gemini that was founded by early crypto billionaires Tyler and Cameron Winklevoss.
Price stumbled around Wednesday for Ethereum. However, it wasn’t exactly something that is just isolated with Ethereum. Nine out of 10 of the largest coins and tokens lost their value. It wasn’t exactly clear what caused the bearish trend after a bullish run. It could be explained simply by traders taking their profits from the bullish trend that the entire crypto market was experiencing.
By the looks of it, Ethereum is here to stay. Will Ethereum go up four times its current value? Given the possibility of financial investors going after the crypto market, this can be considered a possibility. And also, it seems that the crypto market was able to survive series of regulatory changes imposed on the market especially in the early part of the year.