After some disastrous months in 2018, cryptocurrency markets are finally bouncing back. The confidence in cryptocurrencies is finally regaining to back to what it was. Ethereum has broken the resistance of $650 and is currently valued at $671.71.
An independent financial consulting company deVere Group has predicted Ethereum to jump to $2500 by the end of the year.
deVere Group established in 2002 is the world’s leading independent international financial consultancy that provides an investment and wealth management service. It gives sound advice to nearly 800,000 clients and investors all over the world with over $10 billion under counseling and administration.
One of the primary reasons according to Nigel Green who is the founder and CEO of deVere Group is the rise in adoption of the digital currency. There were several other reasons why he believes in the second most popular cryptocurrency, Ethereum.
“The price of Ethereum is predicted to increase significantly this year, and could hit $2,500 by the end of 2018 with a further increase by 2019 and 2020 […] This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing,” Green said.
Green is a strong advocate for cryptocurrency market regulation which he believes will only help increase the confidence in the digital coins.
Nigel Green is an expert in finances and has made some interesting predictions which have been correct so far. For example, when Bitcoin started rising rapidly in December 2017, he predicted that the next few weeks would correct itself with a couple of variations in prices. It proved to be true, given the bear market of Bitcoin at the beginning of 2018.
Ethereum has helped develop decentralized applications (dApps) and smart contracts which resulted in it to be a market leader in innovation. Ethereum has sparked exciting projects such as ‘basis’ which is a stable coin built on top of Ethereum which attracts venture capital interest and uses a variable supply to guarantee price. Even Amazon Web Services (AWS) has created templates to help Blockchain development on the Ethereum public network.
However being the second most significant cryptocurrency available it is still volatile with unpredictability similar to Bitcoin.