The daily value of cryptocurrencies remains a hot topic for anyone with close ties to the digital currency industry. Even the top investment minds are at odds to paint an accurate forecast for the short-term price swings this industry has experience with its high crypto Bitcoin. Anyone trying to predict where prices will head on a long-term basis is merely making an educated guess.
One crypto on the move in the right direction according to Forbes.com is Ethereum. In a report earlier this week by Naeem Aslam, this crypto has become the center of attention with investors and currency traders after crossing the $700 mark. The price of Ethereum had been stagnant in recent trading, but the move above that benchmark value confirms the long-term potential for the industry’s second-most valuable entity.
Bitcoin is still at the top of the list in the world of cryptocurrencies. However, anyone who fully understands the mechanics of blockchain technology understands the inherent value that Ethereum brings to the table. The Forbes report goes on to state that most Initial Coin Offerings (ICO’s) are built on the Ethereum protocol. If the current trend of ICO’s continues for various fundraising efforts, this could continue to drive up the price of Ethereum.
Some of the issues that have worked to suppress the value of Ethereum in the past include supply, lost fund recovery and mining hardware at the top of the list. These issues have been a part of the crypto industry all along, especially when it comes to Bitcoin as the market leader. With Ethereum following closing in the same footsteps, they need to address the technical end of these issues.
Progress for most investors is tied to its current price. Above all, this is why crossing the $700 mark was a crucial turning point for Ethereum. The price of this crypto over the past few months is charted in this report, and it demonstrates the resistance it faced earlier this year. The current uptick in value could be partially attributed to some positive industry news in general.
Earlier this week, Goldman Sachs announced that it is planning to initiate its bitcoin future according to information gathered by the New York Times. While this news on its own has no direct impact on Ethereum, it should still be viewed in a very positive light. As the author of this Forbes report surmises, when a company as big as Goldman Sachs starts to work with one cryptocurrency, it will probably only be a matter of time before it starts adding additional pieces to the investment puzzle.
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US regulators could have a say in the matter. They are in the process of trying to determine how to view Ethereum regarding being a commodity, security or something else. The conclusion from this contributor to Forbes is slightly bullish. He believes the future trajectory of Ethereum’s price could take it the $1000 level in the not too distant future. Mr. Aslam has worked with Bank of America in equity trading and with Bank of New York in hedge fund trading as part of his financial background.
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