Over the past few days, ethereum (ETH) has rallied back up quite strongly. It even retained its position as the second biggest cryptocurrency of the world in terms of market capitalization shooting past XRP. At the time of writing, it is standing around the price of $153 as per www.coinmarketcap.com. The crypto market is seeing sudden greens. Here is the recent graph showing ETH’s upward thrust.
Just a few days ago, ETH was lingering below the $100 mark as it had a vast majority of investors worried. This rally back up will likely come off as relieving for various investors and the startups which have raised fundings in ETH.
In order to get a better perspective on this situation, BlockPublisher got in touch with a well-renowned name in the blockchain world, Thomas Power, who is also a board member at BICRA (Blockchain Industry Compliance and Regulation Association). Regarding ETH rallying back up, Thomas said:
Yes up 50% since Xmas lull. The market will stabilise this year like ETH in the $150 to $500 range.
The price of ETH has almost doubled since Christmas. Thomas pointed out that moving into 2019, the market is expected to stabilize. $150-500 range for ETH is being pointed out by him.
Previously, the prediction made by Thomas regarding bitcoin coming down into the $3,000 range also came about to be true. He is of the view that cryptos will likely get more mainstream adoption after the crash of the traditional fiat framework, which is likely imminent between 2020-2022.
2019 is most likely expected to be the year of crypto gaining more attention in the development and regulatory arena. Issues like volatility, manipulation, custody, liquidity etc. are the ones that keep cryptos under water. Institutions and the general public usually hold back from entering this market owing to these issues. A largely negative image of cryptos is portrayed on the media due to such issues and the association of illegal activities with this world.
If developments like the establishment of an exchange-traded fund (ETF) and regulatory clarity are made, it is expected that a more secure fabric of operation will be in place regarding the crypto world. This can help wipe out the illegal and negative elements associated with this world. Governmental support can surely prove to be beneficial as well.
As for the prices, it is likely that they will stay stable. We might not see wild bull runs again any time soon. But, its all speculation, no one knows for sure. Anything can happen. It will be interesting to see where the market heads as we move into 2019.