Ethereum Cryptocurrency Predictions
Author : M. Charan
January 23, 2018 (Investorideas.com Newswire) In the past couple of years, especially after the exponential rise of the bitcoin prices, cryptocurrencies have got the attention of each and every investor across the globe. Just to give you a glimpse of the prices, the bitcoin was hovering around $450 in December 2015 but went on to gain over 600% by July 2017 and reached a price of $2600 and gain further by 400% to reach $10,000 in November 2017. The phenomenal rise continues for the bitcoin and it is currently trading around $12,000, meaning that the currency has gained over 2000% or has multiplied by 20 times in just a one year. The price movement can be easily compared to its immediate rival ether. The primary objective of this article is to dig deep into the price movement of the Ether in order to predict the value for future.
What are the price predictions for the year 2018?
First and foremost, we have to understand that the cryptocurrencies have been extremely volatile and hence it is very difficult to predict the future prices. For example, between December 21 and 22, the prices have fallen over 25% and has risen over 25% between December 11 and 12 of 2017. The extreme volatility makes it very difficult to make an accurate prediction.
The Ethereum’s journey had started in 2014 and since then it has been a volatile currency. So any technical analysis which tries to predict the short-term price movement can be looked with a suspicion. Hence, we are trying to estimate the long-term outlook.
- Will it overtake Bitcoin?
What we mean by the ether prices overtaking the Bitcoin is that the Ether will generate a higher return on investment on each dollar invested vis-a-vis the Bitcoin. This is hard to believe looking at the price movement in the Bitcoin as it has doubled in a very short duration. It seems that the bitcoin prices are moved by the short-term investors. Also, the Bitcoin has been evaluated between 2009 to 2017 whereas the Ether is being evaluated between 2015 and 2017.
One of the known hedge-fund managers has predicted that the market-cap of the Ether will overtake that of the Bitcoin by end of 2018. The ether has moved by 32 times in a year whereas the bitcoin has gone up by 8~9 times. Also, the bitcoin has lost almost 50% market share to Ether in the past 4 months. Before 4 months, the bitcoin was attracting almost 90% of the amount being invested in all cryptocurrencies. At this point in time, the number has dropped to 45% and at the same time, the amount being invested in the Ether has multiplied 4 times during the same period. The argument of the Ether taking over to the Bitcoin is further strengthened by the fact that it now has been backed by over 80 firms which include names like JP Morgan and Microsoft.
- Will it die the early death?
Despite all the hoopla around cryptocurrencies, there are several hurdles which they must need to overcome before we can put our hands down and say that the cryptocurrencies will be the future of the currency. The major obstacle is that of the scalability as it also operates on the blockchain technology. As an increased number of technology users will impact the transaction time to register on the ledger. The recent example is the fork issue and it remains unresolved to date.
Another major hurdle is the duplication of the technology. Meaning that it makes it more difficult for the investors to have full faith in only one cryptocurrency. Further, banning of cryptocurrencies by various government poses the biggest threat to its existence. So these problems if not resolved will have an adverse impact on the Ether.
Tracking the Prices and important News
Once you have purchased the Ether, you must have a reliable source to keep track of prices, key events, and news which has a potential impact on the prices. We have identified a couple of resourceful websites to aid you in the tracking.
- The first one is the ICO Token News. This website provides the current happenings around the Cryptocurrencies and Initial Coin Offerings.
- The second one is the Crypto Coin Judge. It is a comprehensive website which tracks the investment opportunities in the cryptocurrency space. It also reviews and provides information regarding various crypto exchanges and trading platforms to get you started.
The Ether has moved exponentially year to date and has room to grow. The Ether is now taking support at the higher mark. and set to move towards a higher range in the near future. The fundamentals of the currency are also supportive of its price rise and we believe, the innovative utilization of Ethereum platform will further fuel the prices. Happy Investing!
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