$2,000 per Ethereum (ETH) An Easy Feat Moving Forward
Bitcoin (BTC) has finally conquered the $10,000 hurdle in a feat that many of us thought was never going to happen. Ethereum (ETH) is also rallying to break $1,000.
This then leads me to conclude that if this environment of a strong Bitcoin persists, then it is only a matter of time before Ethereum hits the $2,000 this year. My gut feeling tells me that this feat will be achieved in and around early May as I shall elaborate.
To begin with, Ethereum gathered some good momentum in early November last year when it was priced at $300. It would then peak at around $1,431 on January 13th this year. This is a 377% increment in around two and a half months.
If such a performance is something to go by, doing another 100% by May is very possible. May is approximately 2 and a half months away. Actually, May is an estimate I am using to save myself from overhyping the possibilities of Ethereum in the markets.
Another reason why Ethereum (ETH) will soon hit $2,000 is that the coin is the preferred mode of funding for most ICOs out there in the market. Most ICO initiators are even basing their token price based on Ethereum rather than Bitcoin.
This means that the ICO market, which is in the hundreds of millions of dollars as can be seen by the amounts raised by Crypterium ($51 Million) and Bankera ($130 Million). As more and more ICOs go live in 2018, the demand for Ethereum will surely send it to the roof and past the Stratosphere.
A third reason that Ethereum will touch the $2,000 mark very soon, is the technology behind Ethereum known as Smart Contracts. These smart contracts simply eliminate middlemen that are found in regular transactions.
These include lawyers, banks, other money transfer service providers, government agencies and even bookies in the case of a decentralized betting platform. Many of the ICOs pretty much use the Ethereum blockchain to distribute tokens by utilizing these smart contracts.
If this is not proof of concept, I do not know what else will convince you that Ethereum is the future of this cryptocurrency market. Bitcoin, on the other hand, does not have these smart contracts.
The final reason why I think that Ethereum (ETH) will easily cruise to $2,000 is the simple fact that many traders are diversifying their crypto portfolio and walking away from Bitcoin as being their main digital portfolio asset.
This is after Bitcoin did a nosedive in the market that many speculate was caused by the Bitcoin Futures that were introduced in Mid December. I had one trader friend declare that Ethereum was going to make up 50% of his portfolio henceforth. No, he was not inebriated, but he was convinced and converted to being an Ethereum believer.
In summary, Ethereum (ETH) is going to amaze us this year like it did last year. Do not be like some people, myself included, who when Ethereum was valued at $30, we’re still singing like canaries about how Bitcoin was the best out there. We ignored this gem of a coin called Ether.