As the whole finance and tech world is currently focusing on Bitcoin, Ethereum has managed to hit a new all-time high price as well.
The Rise of Ethereum
Bitcoin isn’t the only cryptocurrency that is currently in the news spotlight. The digital currency Ethereum has also gained a lot of momentum over the last couple of months. Analysts and experts believe that the reason for the astronomical rise of Ethereum is the recent hype around Initial Coin Offerings or ICOs.
According to the cryptocurrency statistics website Coinschedule, over $3.6 billion USD were invested into ICO projects this year alone. The vast majority of these token sales are creating ERC20 tokens on the Ethereum network, and since investors need Ethereum in order to invest in the token sales the demand for the digital currency has exploded. The ICO craze pushed the Ethereum price over 5,000% this year and earlier today it managed to surpass the astonishing price of $500.
Ethereum May Reach $1500
Many cryptocurrency traders and investors are wondering now if this might be the end of the Ethereum bull run while others are convinced that this is just the beginning. Famous serial investor and former hedge fund manager, Mike Novogratz, stated in a recent CNBC article that the Ethereum price might even triple from its current price. Novogratz further stated:
There’s a big wave of money coming, not just here but all around the world,
The current cryptocurrency market valuation is over $316 billion – greater than that of Disney, Nike, and Electronic Arts combined.
Bitcoin and Ethereum were not the only winners in the cryptocurrency market today. Litecoin is up 9% today and has managed to reach the price of $100 for the first time ever. IOTA is also up around 15% today and recently managed to break another all-time high price of $1.51 in the last couple of days. Last but not least, the anonymous cryptocurrency DASH, is up by 21% today and also managed to break an all-time high price of $753.
Many experts believe that this is just the start for the digital currency market, as more and more institutional money will soon pour into the market.
What are your thoughts on the recent Ethereum price hike? Do you think that Novogratz’s prediction will come true and Ethereum goes 3 times as high as it currently is? Let us know in the comments below!
Images courtesy of Pixabay
The Rundown
