Could 2018 be the year of Ethereum?
Nigel Green, founder/CEO of financial consulting firm deVere Group, said that once the price of Ethereum hits USD 2,500, it will only keep going up in 2019 and 2020. Currently Ethereum price is USD 680 and if the predictions are right and it reaches USD 2,500 by year’s end, that would make 2018 a record-breaking year for the cryptocurrency that is currently market-valued at USD 67.4 billion.
Three drivers are predicted to fuel the upswing:
1. More platforms are using Ethereum as a means of cryptocurrency trading.
2. The use of Ethereum-based smart contracts is increasing.
3. There is a movement toward the decentralization of cloud computing.
While regulation is inevitable in Green’s opinion, it’s a positive thing. Regulation brings long-term confidence and increased investor protection as well as the influx of institutional investors and greater acceptance of cryptocurrency among businesses and the general public.
Green has said, “Current market activity indicates that the major cryptocurrencies are set for another considerable surge in prices gains in the near future. What’s fueling this current rally in crypto prices? There are several key motivators. These include the growing integration with and adoption by major banks and other financial institutions.”
Currently, more than 80 financial firms are considering or actively trading digital currencies. These include everything from hedge funds to banking giants. While cryptocurrency is still viewed with skepticism among bankers, as Green points out, “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.”
As the market undergoes regulatory changes, investment is expected to increase. This should further escalate Ethereum’s rise in 2018 and beyond.