flickr.com/Marc van der Chijs
Does anyone else hear Frank Sinatra? Because the song Fly Me To The Moon is stuck in my head. What made me think of that song?
All I did was check Ethereum prices this morning.
The music started to play as soon as I saw the currency was up 17% from yesterday. There must be a connection…oh, yes…it’s because ETH prices are shooting to the moon!
Forgive the weak attempt at humor, but I couldn’t resist given that Ethereum has advanced more than 10,000% since the start of 2017.
Put another way, if you invested $10,000 in ETH at the start of the year, you’d be a millionaire today.
Daily Ethereum Chart:
Nevertheless, Ethereum is only a few steps into its marathon. Bitcoin had an early start in the race, meaning there is a lot of ground for Ethereum to make up. It is still playing catch-up.
However, the market for cryptocurrencies is growing more sophisticated with time, as is investors’ knowledge of the differences between various types of blockchains.
We believe this benefits ETH over BTC.
Why? Well, because investors will learn about smart contracts. They will learn about decentralized apps. They will learn about scaling issues. And they will learn how Vitalik Buterin expanded on Satoshi’s vision.
It’s already starting to happen.
For example, Vlad Zamfir—a renowned Ethereum developer—was on Bloomberg yesterday, talking about the finer details of Ethereum’s issues and scaling roadmap.
This type of conversation has, for Ethereum in particular, been going on for years. However, it was happening in the back alleys of media. The dark corners. The places that are exactly the opposite of Bloomberg. But all that has changed; the elites are paying attention now.
Blockchain has ascended from its grungy, punk-like beginnings to occupy the leading headlines of mainstream media outlets.
With this in mind, we believe that Ethereum is building toward another massive rally. It may take a considerable amount of time for this explosion to manifest, but that doesn’t mean ETH prices will remain flat in the interim.
No, we expect considerable growth in the near future, especially if an Ethereum futures contract comes to fruition.
Analyst Take:
We maintain our $1,500 Ethereum price forecast for 2018.
Also Read: Hold on to Ethereum for the Long Term
Source: Price Confidential