Advertising revenue keep this site going. We do not actively endorse ads served to us.
Please use your due diligence while on this site.
We also do not get information from our visitors.
cryptocurrency March 2, 2018
eth price forecast 2 march

Ethereum News Update

While blockchain use-cases are filtering into the real economy, cryptocurrency markets have sputtered to a standstill. Prices are just moving sideways.

But before we delve into those forces, I want to emphasize that blockchain development is happening at all levels of business, even the upper echelon of the Fortune 500.

For example, Walmart Inc (NYSE:WMT) recently filed an application with the U.S. Patent and Trademark Office (USPTO) for delivery technology that uses a decentralized ledger for recording information. (Source: “United States Patent Application 20180061162,” USPTO, March 1, 2018.)

This expansion of use-cases should (theoretically) lead to higher Ethereum prices, but investors are still reeling from crashes in January and February.

Here are some symptoms of their despondency:

  • Total cryptocurrency market cap is stable. The cumulative value of all cryptos is hovering around $460.0 billion, which is unusual given how reactive investors are in this space. I doubt that volatility will remain this low for much longer.
  • BTC dominance is rising. Bitcoin’s share of total market cap rose to 40.7% by the time this article went to press. Contrast that with the start of the year, when BTC dominance was in the low 30s—it was a bull market back then. As such, this rise indicates a shift toward conservatism. Investors are uncertain about the future and, therefore, they are concentrating investment in Bitcoin.
  • Trading volumes are down. Bull markets are typically driven by higher trading volumes, which suggests that the absence of that activity is worrisome. Investors are only swapping around $20.0 billion of crypto per day. Compare this to December, when a groundswell of enthusiasm led trading volumes above $70.0 billion.

I don’t expect these conditions to last, but it would be foolish to pretend they do not exist. Of course, they are holding back Ethereum prices right now. However, I firmly believe that fundamental forces prevail in the long term.

Analyst Take

We maintain our $1,500 Ethereum price forecast for the end of Q2.

Source: Price Confidential