The Year 2018 May Be A Great Year For Ethereum Price
For the year 2018, Ethereum might reach something big as predicted by a financial consulting firm! From their current price, it is expected to rise fourfold up to $2,500.
With Ethereum’s expected rise this year, it is still expected to further increase in the year 2019 and 2020 as stated by the founder and CEO of deVerse Group, Nigel Green.
There are three main things that drives the rise in Ethereum’s price:
- More and more cyrpto users are using Ethereum for trading.
- Ethereum deals are growing.
- Decentralization of cloud computing indicates increase for Ethereum.
The cryptocurrency sector is also being highly monitored, This is a good sign and investors will be more protected and this will also lead to long-term market confidence.
Ethereum’s current market value reaches $67.4 billion. Compared to Bitcoin’s average transaction processing time that can be as lengthy as 10 minutes, Ethereum only takes about 14 seconds and that’s a huge difference. It has also surfaced as the digital currency of choice because of its flexibility and efficiency.
Recently, there has been a market declined, led by Ethereum, by 9%. And 9 out of 10 biggest tokens and coins lost value against the US dollar. Four of which has even published a double-digit decline.
On Wednesday morning at 2:30 UTC, the cryptocurrency market cap was at $434 billion.Sadly, the market shed $30 billion in just 2 and a half hours. It did recover briefly after that but the decline continued.
The reason behind this decline is still unclear. Both single-day and one-hour price movements altered into negative region though the decline affected the coins unevenly.Bitcoin dropped by only 1% for the day and lifting its market share back above 39%.
After more than a month of waiting, Ethereum pierced $700. But it has declined by over9% just hours after hitting that $700 price.The Ethereum price had declined by more than 9% just hours after piercing $700 for thefirst time in more than a month.
Despite these declined, analysts are still Bullish on cryptocurrency. Nigel Green has always been positive on cryptocurrency in general and goes with the bullish market.
As stated in Green’s website post last Wednesday, “Current market activity indicates thatthe major cryptocurrencies are set for another considerable surge in prices gains in thenear future.”
“What’s fueling this current rally in crypto prices? There are several key motivators,” Greensaid. “These include the growing integration with and adoption by major banks and otherfinancial institutions.”
According to a new Reuters survey, some financial firms (from hedge funds to banking giants), are taking trading digital currencies into consideration in 12 months.
Nigel Green also stated: “Another key reason for the rally is that there’s a growing awareness of the need and demand for digital, global currencies in a digitalized, globalized world,”