deVere Group, an independent financial consulting firm, has projected that the world?s second biggest virtual currency by market capitalization, Ethereum (ETH), could reach $2,500 before the year ends. This would be almost four times the current price of the digital coin and would also be a record high.
?This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing,? deVere Group’s founder and chief executive officer, Nigel Green, told MarketWatch.
Additionally Green expects the price of the virtual currency to continue hitting record highs in both 2019 and 2020. Green also cautioned that the virtual currency industry will have to reckon with the inevitable regulation. This, argued Green, would offer investors more protection and consequently would increase the market confidence.
Ether coins are underpinned by Ethereum network and have become popular with issuers of new tokens due to the flexibility and efficiency of the network. On the Ethereum network the average transaction processing time is about 14 seconds while in the case of bitcoin (BTC) it can take up to ten minutes.
Launched just three years ago compared to bitcoin which was unveiled almost a decade ago, Ethereum is seen by some as the most promising among all virtual currency platforms. With regards to future price gains it is also viewed as the one with the most potential and some believe it would surpass bitcoin one day due to its versatility.
Since the inception of bitcoin, over 1,500 other virtual currencies have been launched with each trying to outdo bitcoin. In the case of Ethereum the launch of the virtual currency has been far more ambitious as besides being a store of value and means of payment it is also platform that can enable applications that include smart contracts.
Besides seeking to decentralize the financial and banking systems Ethereum also holds the potential of decentralizing the internet by expanding on the blockchain technology of bitcoin. Besides the internet Ethereum could also revolutionize business, medical research, real estate and other sectors.
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