While everyone was in shock and awe at what appeared to be a cryptocurrency crash (it wasn’t), one digital currency kept on gradually inching higher. And no points for guessing—it was Ethereum.
Always touted as the strongest rival to Bitcoin, Ether has been gaining ground on the back of the attractiveness of the Ethereum platform. Currently, the ETH price is over $1,200, up almost 11%, whereas Bitcoin is still in the red. The digital token Ether hit headlines some time ago when it crossed the $1,000 mark. And now, one of the creators of the currency has stated that he thinks it could triple from here, giving a big boost to the Ethereum price forecast.
On CNBC’s Fast Money, Steven Nerayoff said that, as the number of Ethereum projects keeps on increasing and the ecosystem keeps on attracting billions of dollars, there is the possibility that the ETH price will double and could probably triple. There are 10 times more projects this year than last year, and this could lead to a surge in price by the end of the year. (Source: “Ethereum co-creator Steven Nerayoff says the cryptocurrency’s value could triple in 2018,” CNBC, January 8, 2018.)
The popularity of the platform can be judged from the fact that it’s not just banks that are interested in it. Other industries like oil and gas are also developing interest in the decentralized platform that runs smart contracts.
The Ether price could triple in value in 2018 because businesses in various industries are beginning to recognize the potential of Ethereum. This means the ETH price could cross $3,000 by the end of this year, which is one of the best Ethereum price forecasts.
Over the past few days, there has been a lot of negativity surrounding Ripple XRP. For Bitcoin as well, there have been disagreements within the community, and higher transaction fees continue to make matters worse.
Amid this, investors continue to be optimistic about the potential of Ethereum. Investor interest in Ether has been going up, which is being reflected in the soaring Ether price.
The ETH price could reach new highs in 2018, but it would take a lot of time for Ether to overtake Bitcoin. There are many changes coming in the near future, which could turn the tide back in Bitcoin’s favor.
The “Lightning Network,” for one, promises to make transaction times lower and solve the scalability challenge. The Bitcoin community is working toward keeping its promise of providing fast and cheaper transactions to users, and this year would see many changes taking place.
Overall, the cryptocurrency space will undergo a lot of changes and continue to grow bigger. This would definitely keep Ether in the limelight, since Ethereum is the top cryptocurrency after Bitcoin.
However, given the fast rate at which new players and rivals are emerging in the crypto arena, Ethereum will have to continuously evolve and innovate so it does not lose its competitive edge. If it fails to do so, the journey to the Ethereum price forecast of $3,000 might get more difficult.