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Another cryptocurrency price surge is on the cards
Looking at the market activity right now, I believe that cryptocurrencies are set for another considerable surge in prices gains in the short-term, and Ethereum’s price could reach $2,500 by the end of 2018.
Following a robust few days in the crypto markets, we’ve seen most major currencies posting massive gains, and there are a number of key reasons for this current rally.
As I was quoted by City AM, International Investment and FX Empire, amongst other media, perhaps fundamentally, is the increasing integration with and adoption by major banks and financial institutions.
Indeed, according to a Thomson Reuters survey unveiled this week, some 20 per cent of financial organisations, from hedge funds to banking giants, are looking into trading digital currencies over the next year.
Another main motive for this crypto rally is the escalating awareness of the need and demand for cryptocurrencies in a digitalised, globalised world.
Furthermore, this trend is also being prompted by regulations, which, according to the majority of experts, are now inevitable. Enhanced regulation will provide investors with even more protection and long-term confidence in the market.
However, even though Bitcoin tends to dominate the headlines, it could be Ethereum that steals the show this year.
Indeed, despite an impressive 11.3 per cent one-week jump, Bitcoin is actually the worst performer against the largest cryptocurrencies.
The price of Ethereum is forecast to increase considerably this year, even hitting the $2,500 mark by the end of 2018, with a further hike by 2019 and 2020.
Three key drivers will fuel this general upturn. First, an increasing number of platforms are using Ethereum as a means of trading; second, the increased use of smart contracts by Ethereum; and third, the decentralisation of cloud computing.
As such, I believe Ethereum will strengthen its place as the second most valuable and used cryptocurrency token across the globe. Its consistency will appreciate well into the future, and Ethereum offers stability and safer trading conditions for venture capitalists, bankers and financial houses.
It can be safely said that we are entering crypto bull territory, with an increasing number of retail and institutional investors recognising they can no longer disregard the crypto opportunities.
However, cryptocurrency markets remain volatile, so investors should remain cautious and seek professional advice.