Daily Ethereum Price Forecast – What the Bitcoin Fork Reveals About ETH’s Future
One day after mutinous developers forked the Bitcoin (BTC) blockchain, investors started waffling over their altcoin positions. At first, they rotated funds into Ethereum (ETH), Ripple (XRP), and Litecoin (LTC), after which they withdrew some of them into fiat currency.
What happens next?
Obviously, the answer is contingent on external shocks, but it’s not that hard to see where the overarching trend is headed. Just look at the difference between Bitcoin and Ethereum news.
Almost daily, there is another headline about internal conflict within the Bitcoin developer community. Some claim that the Bitcoin mining process has become too centralized, putting power in the hands of a few multi-millionaires. Others claim the hard forks are simply a way for developers to make a little extra cash.
The worst part is that Bitcoin’s founder remains in the shadows. Whoever he or she is, they could potentially resolve the conflicts by explaining what original intent lay behind the code. But as it stands, there is no one who can articulate a credible vision for the currency.
Meanwhile, Ethereum has its wunderkind founder, Vitalik Buterin, to shepherd developers through the tricky process of scaling a digital currency.
Buterin has traveled around the world, spreading the gospel of decentralisation to power brokers everywhere. And it seems his words carry weight, because Russian agencies began blockchain trials soon after he spoke at a conference in Moscow.
In fact, the largest Russian bank just joined the Ethereum Enterprise Alliance (EEA). For those who may not know, the EEA is a consortium of Fortune 500 companies looking to work with Ethereum’s blockchain. (There were 48 new members this month alone.)
Based on these long-term forces, it seems unlikely that the ETH price will remain around $300.00.
Daily Ethereum Chart
Analyst Take:
While the Ethereum to USD exchange rate fell 2.21% this morning, investors should try to remember what does and does not matter. One day’s worth of trading is nothing. What truly matters is the slow process of moving corporate functions over to the Ethereum blockchain—that’s where Ethereum’s value will come from.
We believe in that process, glacial though it may be, which is why we hold to our $1,000 Ethereum price forecast for 2018.
Also Read:
