Ethereum (ETH) has enjoyed the status of being the world’s second largest cryptocurrency for quite some time until it was recently taken over by XRP. The asset has seen a largely bumpy ride this year. The following chart shows ETHs performance this past year.
As evident from the graph, ETH was enjoying the highs above the $1,000 mark at the beginning of this year. But since then, the ride has not been so easy for the asset. Major price drops were seen by the asset in the coming months. After falling subsequently, ETH is now floating around the $102 mark as per www.coinmarketcap.com. So what’s in store next?
Over the past few months, various blockchain-based platforms have erupted out on the global scale. Ethereum is not just the only prominent blockchain platform available for development. Projects exploring alternatives to it might just be a factor in the asset’s price drop situation.
Another reason that might be attributed to this huge drop is the end of the Initial Coin Offering (ICO) boom. In the ICO wave of 2017 and 2018, many different crypto projects used the ethereum protocol to raise fundings. These ICOs also included some scams, which is a different matter altogether. Since the end of the ICO boom, blind investments are not flowing in as they used to in the past. In the hindsight of the bear run that has been continuing on for the past year, some startups which have raised fundings in ETH are now looking to sell off their ethers owing to the price drop that has been seen in its value.
But where will we see this asset by 2019, 2020 or even 2025? What are the predictions? One can only make speculations regarding ethereum’s price as the uncertainty associated with this world is pretty big. Nothing can be said for sure. But here is what some people are suggesting.
Blockchain influencer Joseph Raczynski is suggesting a hit to $1,200 by Q4 2019. Thomas Power, who is a member of the board of directors at BICRA, suggests that things might be going south for the asset from here on. The asset might head down even further. Some believe that the upgrades and the developments being made by Ethereum might push its price higher, while some are suggesting a drop.
One must always remember, these are all speculations just yet.
Uncertainty looms around the price of ETH, and its the only thing certain right now. Predictions have proven to be wrong in the past, and they might prove to be the same in the future too. Let’s just sit back and see what happens.