Ethereum (ETH) Price Analysis: Ethereum’s Price Increase Indicates the End to Downtrend Period
Ethereum is an open software platform and also a distributed public blockchain network, which enables developers to construct and execute DApps. Ethereum facilitates the implementation of any programming code of DApps on its blockchain. Ether, Ethereum’s cryptocurrency, is earned as a reward by the users and isn’t mined. This currency is used to pay transactions fees and for services on the Ethereum platform. ETC uses smart contract, a self-operating computer program on the blockchain that automatically executes when specific conditions are met. Smart contracts are advantageous because they are programmed to run without any possibility of censorship, fraud or mid man interference. Ethereum’s core runs on Ethereum Virtual Machine, which allows implementation of any programming language.
Current Scenario
According to Coinmarketcap, the MCap is being traded at USD 19,286,414,290, and its corresponding price per coin amounts to 182.69 USD or 0.03461412 BTC for the 24h volume of $8,904,885,335 on April 08 at 11:39 UTC. The current circulating supply of coins sums up to 105,569,466 ETH. Based on this data, Ethereum is ranked the 2nd largest cryptocurrency in the market. The approximate return on investment for this cryptocurrency is calculated to be 6,346.84%.
Elaboration on Market Trend
The market traded at USD 14 billion at the beginning of 2019 with ETC trading for 133.42 USD per coin. The values rose significantly from USD 15,017,229,799 with the trading price of 143.14on February 19 at 03:34 UTC to USD 17,290,707,798 trading at 164.70 USD with a growth percentage of an average of 15.10%. Similar to BTC, the trading value and the pricing movement showed an upswing between April 02 and April 04, with the trading values amplifying by 22.48% and the pricing by 22.46%. Nevertheless, the current price is the all-time high of this cryptocurrency, trading at 182.69 per ETH which is high by 5.07% from the past.
Future Price Forecast
Eth is expected to be on an uptrend for the better part of the year. Beincrypto analyses the market trend and estimates the price of the cryptocurrency to reach an all-time high of 1400 USD by the end of 2019 and further to 15,00 USD by November 2020. However, it estimates a brief downfall in December 2020 to 4,600 USD before a commence in price rise again. Similarly, as per Ethereum prediction, growth in the price of ETH by 105.40% by 2020. Price would increase to 373.5156 USD and further to 1,496.3066 USD by 2024.
Conclusion
Ethereum’s market is currently at its peak and will be moving uptrend further. Investors and merchants would find it favorable for their investment plans as ETH currently looks very profitable and further growth will increase the returns.
