Price Analysis

Ethereum (ETH) Price Analysis: 2019 Might Turn Out to be the Peak Year for Ethereum

About the coin

Ethereum is an open source, public, blockchain based distributed computing platform that enables a large number of cryptocurrencies to exist without having to build their blockchain technology. It also enables developers to build smart contracts that can be executed automatically under certain conditions. Ethereum’s key functions include – running a smooth platform by compensating mining nodes and reward users under smart contracts platform. It provides a decentralized virtual machine, EVM, which execute scripts under the international network of public nodes. Ethereum is advanced to bitcoin in terms of transaction time, fees, technology, and mining process.

Current Statistics

ETH is currently being traded at 167.31 USD for the market cap value of USD 17,651,351,497. Based on this report, ETH is ranked the 2nd largest cryptocurrency after Bitcoin in the crypto market. This is also dependent on the circulating supply of 105,501,980 ETH coins and the 24h volume of $10,734,183,767. Coin market cap has estimated the approximate return on investment to be 5,810.06%.

Ethereum

Market Analysis for Ethereum

Ethereum is a highly volatile cryptocurrency with constant variation in its market trend. The market traded at USD 13.8 billion in the opening of January 2019 and later peaked touching USD 16 billion between January 05 and January 06. The market capsized from its peak and had been downtrend between January 10 and February 10 with its lowest of USD 10,823,499,966 trading at a price of 103.34 USD per token on February 06 at 15:34 UTC. The coin’s value shot up to its 2nd peak price on February 24 with the Mcap trading at USD 17,321,111,638 and the price at 164.99 USD. The volatility dipped the market at the end of February until the price reached its all-time high currently at 171.37 USD for the Mcap trading at USD 18,079,031,456 at 09:34 UTC. The current market has risen by a massive 20.71% in 24 hours.

Future Predictions for ETH

The current volatility of the cryptocurrency lessens the accuracy of the price predictions. Technological expert of Thomas crown art predicts that ETH will experience a global and monumental breakout with its price rising to 500 USD by the end of 2019. However, long term investment does not look profitable. Also, Trading beasts have made a very conservative price prediction, with the price of Ether reaching 908 USD by the end of 2019. According to the analysts, the average price might revolve around 650 USD.

Conclusion

The current market under the bulls rule looks in favor of the buyers, especially the short term. The long term buyers have their profits depend upon the volatility of the cryptocurrency. The future predictions for ETH also do not suggest any long term investment. Nonetheless, the second half of 2019 looks promising. Hence, the investors could observe the trend and utilize the opportunity once the tables turn in favor.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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