After a volatile and bearish past few months, the global cryptocurrency market is finally beginning to stabilize. Following its continuous uptrend and peak at nearly $1400 USD in early January, Ethereum endured a sharp decline – reaching as low as $380 USD.
As more projects take advantage of smart contracts and ICOs issue ERC20 tokens, the usage of Ethereum continues to rise and with it, the price of Ether follows.
The rise in the global trading volume of cryptocurrencies has also contributed significantly to the return of Ethereum, the second largest cryptocurrency by market capitalization ($64.46 billion USD).
According to the Binance CEO, Zhao Changpeng’s LinkedIn profile, Binance has outperformed Deutsche Bank in overall profit yield in Q1 2018, making it clear that even with the market downturn, the demand for buying and selling crypto is still high.
deVere CEO Expresses Optimism About Future Price of Ethereum
The deVere Group, one of the leading international financial consulting firms, has predicted a $2500 year-end price target for Ethereum.
Established in 2002, deVere has accrued nearly 80,000 clients worldwide with over $10 billion under advice and administration.
In an email to MarketWatch, deVere CEO Nigel Green stated:
“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”
Green makes this prediction as the regulatory frameworks for cryptocurrency regulation continue to develop. Additional regulations are meant to protect investors and should create additional confidence in the emerging cryptocurrency market.
Ethereum is the world’s second largest cryptocurrency by market cap and is attracting an enormous amount of developer interest. However, optimistic sentiment on the future value of any project is little more than speculation in the maturing world of cryptocurrency.
Taking predictions with a grain of salt
Ethereum is one of the first projects to make its mark on the development of decentralized applications (dApps) and smart contracts, but cryptocurrency trading, in general, remains a largely volatile and unpredictable market.
Much like Pantera Founder and CEO, Dan Morehead’s extravagant $40 trillion USD prediction for the entire cryptocurrency market, each “opinion” on any coin’s future price should be taken lightly and with caution.
Ethereum is currently trading at $652.13 USD on a volume of over $2.5 billion in the past 24 hours.
Cover Photo by Mattias Milos on Unsplash