The price of etherium could rise fourfold to $ 2,500 and record a record high this year, according to a financial advisory firm. Nigel Greene, founder and president of deVere Group, said in an email he sent to MarketWatch:
"The price of etherium is expected to rise significantly this year, and may reach the barrier of $ 2,500 at the end of 2018 with further rise in the years 2019 and 2020"
Three factors behind this expectation
Green attributed this year's improvement to three major engines. The first is that more trading platforms are using etherium in their trades. The second is that the etherium contracts are expanding more. The latest is that cloud computing promises good things for etherium.
Greene noted more that regulation in the digital currency sector is inevitable, indicating greater protection for investors and more confidence in the market in the long term. Ethium has emerged as the preferred digital currency for new digital issuers because of their efficiency and flexibility. The average treatment on the etherium is about 14 seconds, compared with the betcoin, which may take 10 minutes.
Ethereal led the market down 9% on Wednesday, losing 9 of the 10 digital currencies and the largest primary currencies against the dollar, while four of them recorded a two-digit decline. The major price action took place on Wednesday morning, around 2:30 pm, when the value of the digital currency market was $ 434 billion. Over the next two-and-a-half hours, the market lost $ 30 billion and, despite a slight recovery, continued to decline during the morning.
It was not clear what caused the decline in the performance of the digital currencies, although it could simply relate to the issue that investors - who bought when the market was bearish - began pulling their profits this week after the rapid recovery, which saw the value of the digital currency market swell more than 100 billion dollars. The price of etherium fell by more than 9%, a few hours after the price of $ 700 broke for the first time in more than a month.
The Pitcairn traded above $ 9,000 on Friday, consolidating itself above crucial support between $ 8,500 and $ 9,000. Alternative digital currencies were generally in the Green Zone on Friday. (1.50%) at $ 150.89, while the riyal was trading at 85 cents, pushing its volume up by 1%.
Analysts remain optimistic about the currency
Green was optimistic about digital currencies in general. He said:
"Most major digital currencies recorded significant gains. The current market activity indicates that the major currencies are preparing for another significant rise in price gains in the near future "
"What is fueling the current rise in digital currency prices? There are many stimuli. These involve increasing listing and adoption by most banks and other financial institutions. "
In addition, Greene said 20% of financial firms, ranging from hedge funds to banking giants, are now considering digital currency trading within 12 months, according to a new Thomson Reuters survey.
Another good reason for the rising trend is that there is growing awareness of the need and demand for global digital currencies in a globalized digital world.