This Bitcoin competitor saw exponential growth in 2017, far outpacing that of its peer. Ethereum prices returned a whopping 8,000% in gains in 2017, compared to Bitcoin’s 1,500% return. ETH prices ended the year just short of our Ethereum price prediction of $1,000, but we’re upgrading that price target to $1,500 for 2018.
Ethereum is currently the second-most valuable cryptocurrency in the world. At the pace that it is growing, we won’t be surprised if it eventually overtakes Bitcoin.
The reason why investors are valuing it so highly is that Ethereum promises to be more than just a mode of payments. Ethereum is a decentralized platform that enables us to run applications and create smart contracts on the blockchain. Its network is fueled by its cryptocurrency—Ether.
Ethereum’s moat is its better technology. Ethereum founder Vitalik Buterin tweaked Bitcoin’s blockchain technology to create a much cheaper and much faster version.
We are bullish on Ethereum for two reasons. Firstly, Buterin has recently shared his roadmap for Ethereum 2.0—the next iteration of Ethereum’s technology, which will further add to its scale and speed.
Secondly, Ethereum’s unique feature of decentralized smart contracts is finding real-world applications. Businesses are trying out this concept for various applications such as corralling medical records, in electoral voting, in financial software, and more.
Our price forecast for 2018 is bullish as we watch this cryptocurrency make a steady northward advance.
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