Ethereum
Ethereum (ETH) Prices to Grow Steadily in 2017
Even after Bitcoin was declared as the first decentralized cryptocurrency in 2009, and its competitors—including Ethereum—were released in the years following, this cryptocurrency concept struggled to find its place among investors. Now that the concept of cryptocurrencies has stabilized in the market, we can see Ethereum prices in 2017 skyrocketing.
Ethereum, the decentralized platform that enables you to run applications on the blockchain, is rising by the day. The Ethereum platform supports Ether. Or rather, we can say that Ether supports the Ethereum platform.
This is because while Ethereum may be free, Ether is not. It does not exactly act like a digital currency; in fact, the clients of the platform pay Ether to ensure that the developers write high-quality programs on Ethereum to maintain the security of the network, among other factors. So, in a way, Ether fuels Ethereum.
Just like the stock market, Ethereum prices fluctuate daily and its value is determined by demand and supply in an open market. Through the beginning quarters of 2017, there has been a huge surge in Ethereum prices in 2017. If we check this growth rate in terms of percentage, it would be in thousands.
The Ethereum value in 2017 is pretty strong and is expected to surge at a steady rate over the next four months.
The market cap of Ethereum has already crossed that of its competitors such as Litecoin and Ripple. Although this is subject to changes based on fluctuations in Ether value, it is estimated to rise.
Ethereum, for now, accounts for the second-largest market share among cryptocurrencies, the largest obviously being Bitcoin. If this growth rate continues, it may even surpass the market share of Bitcoin over the next few years. Also, Bitcoin is so overvalued that perhaps it needs to undergo some leveling off and a correction.
We can see the potential of Ethereum and where it’s headed in the coming future because there are many other positives that indicate Ethereum growth in 2017.
In fact, Bitcoin is estimated to decline in value over the next few months due to the fact that it is now banned in China. A slight concern regarding the rise of the ETH value is the complete ban of ICOs by the Chinese central bank. The ban, it seems, is to prevent illegal activity. Amidst all this news, the Ether value declined slightly. However, these don’t seem to be long-term issues. And despite all this, many individuals and institutions are still interested in Ethereum.
After a meeting of all the South Korean financial agencies, the Financial Services Commission of South Korea declared that cryptocurrencies do not hold value as a financial product or as a currency. Also, according to the law now, fundraising through cryptocurrencies is not allowed. But several investors in South Korea are still trading in it. On the other hand, however, there are talks of regulating Ethereum in South Korea, which may further propel its rise.
One strong point for the growth of Ethereum is its technology. The blockchain smart contracts are so powerful and flexible at the same time that the core technology is being tried by businesses for certain applications such as corralling medical records, in electoral voting, financial systems, and more.
And just like there are IPOs of shares in the primary market, investors are also using Initial Coin Offerings (ICOs) to raise funds for startups. Also, with Ethereum you can actually access a global computing network, which is not quite the case with Bitcoin. With Bitcoin, you only get to participate in the network.
With all these factors, Ethereum transactions are likely to increase, which will help spur Ether’s value. Also, fundamentally and technically, Ethereum prices are strong and hence has a bright future.
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From: Michael Lombardi, MBA