With the Bitcoin price on a roller coaster trajectory, it is not surprising that Ethereum is trailing just behind it. Recent developments suggest that it could be heading towards bearish movement, as predicted by Goldman Sachs. While Bitcoin price went down from $3,000 to $2,500, it seems likely to steady for quite a while.
Subsequently, some cryptocurrency pundits predict that Ethereum is likely to overtake the Bitcoin.
Shifting attention
There are various reasons as to why investors are now shifting their attention to Ethereum.
For one, Ethereum has been showing signs of it being ready to overtake Bitcoin in the near future. In his interview, CEO of Polychain Capital, Olaf Carlson Wee, said that investors are likely to see Ethereum rally against Bitcoin as early as 2018.
While Bitcoin has already reached its new all-time high of $3000, discussions about Ethereum reaching up to $1000 has beenmaking rounds. Seeing as though most investors may have already missed the rise of Bitcoin, the next cryptocurrency that is currently getting the most attention is Ethereum.
Finally, autonomy is a driving factor for cryptocurrencies: taking money from financial institutions and into the hands of the individual. Since Blockchain technology solely relies on peer to peer transactions that do not have to go through traditional financial institutions, many people in Asia (particularlySouth Korea) and The Middle East are taking advantage of the decentralized nature of Blockchain technology.
Long term investment
There may be some dips that happen when the graph of Ethereum moves. Nonetheless, it may be worthwhile to invest in the long term growth of Ethereum.
Once the Ethereum reaches its $1,000 mark, another story will unfold as to whether Bitcoin will react and raise the bar.
Investors who buy Ethereum now may start selling when the price reaches $700 in order to gain some quick profits, but Ethereum appears to have the longevity necessary for long term investment.
With the fast growth of Ethereum, it may be prudent to position your investments before it hits $750: with its increasing price comes greater uncertainty.