According to Marketwatch report, financial consulting firm, DeVere Group Forecasts Ethereum price that it could reach $2500 in December, 2018. The CEO of the firm, Nigel Green said that Ethereum is the second largest digital currency and its price is likely to cross the mark. Nevertheless, The main factors behind this bullish prediction were growing adoption of crypto assets and the use of smart contracts.
“The price of Ethereum is predicted to increase significantly this year, and could hit $2,500 y the end of 2018 with a further increase by 2019 and 2020. This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing”
How Green justifies his bullish prediction?
He was of the view that crypto market is seeing a fortunate time after a tough patch. The regulations regarding digital assets will give credibility and attract more traders. As of today, Ethereum’s current value is $650 and its market cap is approximately $64 bln. Therefore, the predicted-amount of fourfold increase from its current value seems probable.
DeVere Group Forecasts Ethereum to Reach $2500 by December
Previous successful prediction from Green
What Green forecasted carries weight more because of his previous prediction about Bitcoin. Previously, After Bitcoin reached to the highest value in December, 2017, Green was more realistic about its future behavior.
He says “We should expect to see Bitcoin See-sawing in coming weeks. Sharp moves are likely, followed by subsequent corrections.”
Some other significant predictions
Tom Lee earlier predicted about Bitcoin to reach $25,000 by December, 2018. He is known for making optimistic predictions about Bitcoin. it is noteworthy that He made the assessment before bitcoin value started to rise which makes it a wise estimate. By today, The market cap of the currency has crossed $400 bln. The value is steadily growing and we could expect to see that his forecast comes true.
The positives happening in the industry
Crypto market is seeing a hard time. Governments, regulatory authorities and financial institutions are dealing harshly with it. The bans and the restrictions have made it difficult for the exchanges and the traders to carry on with their tasks. Additionally, technology giants have banned its advertisement for some reasons.
The above mentioned scenario is discouraging and amidst these woes, it is pleasant to hear such predictions. However, the predictions seem to be logically true. We have seen Indian court issued notice to State Bank of India for baning crypto transactions in the country. Nasdaq shown intent to start crypto trading on their platform. The news from the world’s top trading platform has given hopes to the aggrieved community. To conclude, Blockchain is itself being adopted at a rapid pace and we hear dozens of industry players adopting blockchain. We have even heard that Tim Draper also makes prediction that Digital Currencies will replace fiat currencies in five years.
Please also read this: Nasdaq gives a Green Signal to become a Crypto Exchange