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Price Analysis

Ethereum (ETH): Bullish Rally Will Persist Throughout the Year, Might Touch $500 Level

Ethereum (ETH) is a blockchain technology which allows hoisting of decentralized apps and smart contract management facility on its platform. Since its launch, Ethereum remains the most robust smart contract platform in existence without being failed. Additionally, out of the top 100 tokens by market capitalization, 96% are built off Ethereum technologies. Recently, Ethereum developers announced a new code known as Progressive Proof-of-Work or ProgPoW. The code change would make it hard any unauthorized hardware to mine on Ethereum network. According to an estimation, the mining rewards gained on the Ethereum (ETH) blockchain at present are about $700 million on a yearly basis.

Ethereum

As on May 03, UTC 11:14, Ethereum was ranked at 2nd place on the crypto chart with return on investment of 5,858.99%. Again, its market capitalization was 17,871,407,570 USD, having 105,913,485 ETH tokens in circulation. Against Bitcoin, Ethereum tokens were trading around 0.02910364 BTC peer chip. Let’s have a look at the variation in the market value of the altcoin over a period of 25-days. On April 08, Ethereum was trading at 180.26 USD, but since then, the crypto’s value has declined and today at the above said time, it was trading at 168.93 USD, with an accumulated loss of 6.28%.

Let’s look closely at the historical change in Ethereum’s price:

  • All-Time High: 1,432.88 USD (Jan 13, 2018)
  • All Time Low: 0.420897 USD (Oct 21, 2015)
  • Yesterday’s High / Low: 162.94 USD / 160.06 USD
  • 24 Hour High / Low: 170.07 USD / 160.06 USD

Although Ethereum (ETH)’s price falls by a small margin over the period of a month, it’s an intraday trading chart for yesterday was a good one. Where the altcoin opened at 160.85 USD and with a gain of 1.27 USD (0.79%), closed the day at 162.12 USD. Along with that, the trading volume in it for the previous day was 6,044,171,062 USD.

Ethereum (ETH) Price Prediction:

Surprisingly, after a tweet by philanthropist, Elon Musk, there was a hike of 3% in the price of Ethereum. An important task here for the developers of the crypto is to generate more and more positive news around it. Interestingly, the number of dapps on the network keeps growing and currently there are about 1737 dapps on the blockchain. Nevertheless, the number of users is a thing to be worried about in case of Ethereum. Platforms like EOS and Tron are in stiff competition with Ethereum when it comes to daily transaction volume and number of daily users. But there is no need to be dis-hearted of it, as Ethereum still hosts most of the popular dapps including MakerDao, Compound, Dharma and other dapps from the burgeoning decentralized finance sector. As per crypto experts, Ethereum (ETH) will touch the $500 mark by the end of 2019 and prospects are bullish regarding the investment in it.

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David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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