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Is This The Right Time To Invest In Ethereum?


May 6, 2021 ( Newswire) Even after all of these years, the average person thinks "Bitcoin" when they see the word "cryptocurrency." The concept of a decentralised digital currency is inextricably linked with the most popular of those currencies in their minds in much the same way that most people refer to vacuum cleaners as "hoovers." As most people reading this article will already know, it's not a helpful preconception. Cryptocurrency comes in many shapes and sizes, and if more people were willing to invest and trade in them as willingly as they do with Bitcoin, there might not be such an enormous disparity between the value of Bitcoin and the value of everything else.

We're at risk of speaking too soon by saying this, but things might be changing on that front. Ethereum has been enjoying an unprecedented boom in the past few days and is now worth more than $3000 per coin. Some analysts say that it's likely to break through the five thousand dollar barrier on its current trajectory. This surge in value has attracted the attention of the mainstream press in a way that Ethereum never has before and has many cautious investors wondering whether now is the right time to jump aboard the train. We're not financial advisors, and we're certainly not telling you how to invest your money, but if you have the capital to spare and you're happy to take a risk, there might not have been a better time to do so with Ethereum.

We say this with the expectation that you already know the risks that come along with investing in crypto, which is that prices can crash just as suddenly as they spike. It’s not without several good reasons and plenty of bitter experience that people sometimes compare crypto investment to playing at casinos. Those comparisons have only appeared more frequently since some online casinos started accepting cryptocurrencies as a recognised form of payment, which some people see as a metaphor for the whole investment process. It’s true that a successful crypto investor often has to thank their luck just as often as a player reading a casino review at does, but there are still patterns and moments of opportunity that occur in crypto investing that don’t happen within the random mechanisms of online casinos. This might be one of those moments.

The factor that feeds our confidence in the crypto investment market at the moment is an important but arbitrary one. On May 4th, the combined value of every recognised cryptocurrency in the world exceeded Apple's market cap. This has never happened before and is a sign of the bullishness of investors and the wider market. Bitcoin is hovering around the sixty thousand dollar mark without any sign of the sudden drops that have followed peaks in the past. A few of the more optimistic (or possibly crazy) crypto analysts have started to suggest that Ethereum, with its technical superiority, is currently on an unstoppable trajectory that might eventually see it surpass Bitcoin's value. We're not willing to go that far, but there's no immediately apparent reason for Ethereum to suddenly start losing value now it's begun to amass it so substantially.

It's not just Ethereum that's been riding a wave of consumer confidence recently. Even Dogecoin - which until recently was seen as nothing more than a joke - has started to show signs of becoming a serious currency. It passed the fifty-cent mark on May 4th and is still rising. It improved another twenty per cent on May 5th to complete a rise of more than one hundred and twenty per cent in the past seven days. Elon Musk continues to push it on with a series of promotional tweets. The jury is still out on whether it’s a stable currency that can continue to have a life without Elon Musk’s involvement when he inevitably gets bored of it, but we’re close to finding out. The currency revels in being “rebellious,” so younger investors appear to be especially drawn to it. It’s still probably too volatile for us to even consider suggesting people should invest in it, but it’s worth keeping an eye on.

As for Ethereum, this is nothing short of an astonishing turnaround from where the currency was twelve months ago. In April 2020, the value of Ethereum fell below one hundred dollars. That was way down from its peak of $1200 two years earlier, and at the time, there were plenty of "experts" who claimed that Ethereum was finished. They all have egg on their faces now. Even if it depreciates and settles after breaking the five thousand dollar mark - which it almost certainly will soon - it's unlikely to dip back down below three thousand dollars again. In the process of reaching this new high, the currency has turned its founder into a billionaire. In fact, at the age of just 27, Vitalik Buterin is now the youngest crypto billionaire in the world.

There are signs elsewhere that suggest this would be a good time to hop aboard the crypto train. One of them is that eBay is currently understood to be considering adding popular cryptocurrencies as payment options. Bitcoin will obviously be one of them, but Ethereum would be highly likely to make the cut, too. Jamie Iannone - the company’s CEO - recently told a journalist from CNBC that he’d like to see NFTs auctioned on eBay, which almost necessitates the acceptance of cryptocurrencies. It’s probably fair to say that eBay has held off introducing cryptocurrency payments for too long compared to the rest of the digital world, but there would be another rise in value across the board if they were to confirm plans to start doing so. Any crypto you have in your wallets prior to that announcement should be worth considerably more after the announcement is made.

Again, though, we're not your financial advisors. We could be wrong, as could anybody who makes predictions about cryptocurrencies. Any investment decisions you make are taken at your own risk, which means bearing the consequences of any failures alone. That's always been true of any crypto investment ever made. We're certainly eyeing Ethereum very closely at the moment, though, and if you're an investor, you should probably be doing the same.

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