Connect with us

Ethereum

Ethereum Could Hit $8,000 In the Next Two Months – Goldman Sachs

Published

on

Ethereum - Investors King

The American multinational investment bank and financial services, Goldman Sachs, has predicted that the price of Ethereum could hit $8,000 by the end of 2021. This prediction was reported in a research note circulated by Bernhard Rzymelka, the managing director of Global Market at Goldman Sachs.

According to Zerohedge, the research note explained in detail how cryptocurrency trading has corresponded with inflation breakevens since 2019.

Goldman Sachs Predicts Ethereum Could Hit $8,000 This Year

Referencing a chart showing the Bloomberg Galaxy Crypto Index (red) on a log axis and the USD 2-year forward 2-year inflation swap (blue), Goldman’s analysts noted that “the local backdrop looks supportive for ethereum.”

The analysts said: “It has tracked inflation markets particularly closely, likely reflecting the pro-cyclical nature as ‘network based’ asset. And the lastest spike in inflation breakevens suggests upside risk if the leading relationship of recent episodes was to hold (grey circles).”

They further pointed out that: “This lines up well with the ethereum chart.”

The Investment bank analyst further asserted that: “The market has started to press against the all-time high with a narrowing wedge: Either a sign of exhaustion and peaking … or a starting point of an accelerating rally upon a break higher.” The analyst also noted that “the RSI has yet to hit the overbought levels seen in past market highs.”

According to the research note, if the historical correlation between cryptocurrencies trading and inflation persists, there is a high probability for ethereum price to surge as high as $8,000 in the next two months.

In a recent price prediction by Finder.com, a panel of 50 fintech specialists predicts the price of Ethereum to hit $5,114 by end of 2021, $15,364 by 2025 and $50,788 by the end of 2030.

At press time, Ethereum (ETH) is trading for $4,475 with over $528 billion market capitalization. Ethereum has gained 7.63 percent in the last 7 days and 2.60 percent in the last 24 hours.

Goldman Sachs formally established a crypto trading team and launched bitcoin derivatives trading in May. In the following month the bank’s head of digital assets, Mathew McDermott, revealed plans to offer futures and options trading in Ethereum (ETH) in the coming months.

Continue Reading
Comments

Ethereum

Ethereum Market Cap Soared by 400% YTD, Almost Five Times the Growth Rate of Bitcoin

Published

on

Ethereum- Investorsking

As one of the top three cryptocurrencies, Ethereum skyrocketed in 2021, with its price and market cap reaching record highs, despite the crypto price crashes in May and September.

According to data presented by MejoresApuestas, the Ethereum market cap soared by more than 400% YTD and hit $425bn this week, which is almost five times the growth rate of Bitcoin in this period.

Market Cap 12% Below All-Time High in May

Since the start of the cryptocurrency phenomenon, Ethereum and Bitcoin have been the most popular digital coins in the crypto space. However, unlike Bitcoin, Ethereum’s market cap soared in 2021.

The CoinMarketCap data showed the combined value of all ETH coins surged by 490% in the five months of 2021, rising from around $84bn in January to an all-time high of $497bn in May. However, after the crypto price crash, this figure halved in just three weeks, falling to $222bn in the third week of May.

After dynamic June and July, the price of the world’s second-largest digital coin started rising again in August, driving its market cap to $392bn by the end of that month. Since then, the combined value of all Ethereum coins jumped by around $33bn and hit $425bn on October 11, which is only 12% less than the record market cap in May. Also, the CoinMarketCap data showed, Ethereum was the third most-traded crypto in September, with a monthly trading volume of $750bn, up from $393bn a month before.

In comparison, the market cap of the world’s most expensive cryptocurrency, Bitcoin, jumped by 95% year-to-date, while Tether saw a 224% growth in this period. Statistics show Binance Coin and Cardano were the only two among the top five cryptos witnessing a four-digit growth this year, with their market caps surging by 1,310% and 1,141% YTD, respectively.

Ethereum Price Quadrupled in 2021

Ethereum was released on July 30, 2015, and priced at $0.75. By the end of July next year, its price surged by 1,500%, already making him a successful investment.

Three years later, in January 2018, Ethereum price soared to $1,396. After a deep price fall in the following months and throughout 2019, ETH price recovered in 2020, as the entire crypto market boomed amid the COVID-19 crisis. Statistics show that between January and December 2020, ETH price surged by 411%, rising from $144 to $737.

However, after an outstanding performance throughout the last year, the price of the world’s second-largest crypto exploded in five months of 2021. Between January and March, it soared by nearly 150% to over $1,800 and continued rising. On May 12, it hit an all-time high of $4,297 and then plunged in June and July after the crypto price crash.

After a recovery in August, the world’s leading digital coins all witnessed significant price drops last month, following a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptos illegal in the country.

However, statistics show ETH’s price significantly recovered since the beginning of October, reaching around $3,500 this week, which is four times its valuation from January.

Continue Reading

Ethereum

Ethereum Adds Over 38 Million New Addresses in 2021, 22% of All Ever Created

Published

on

Ethereum - Investors King

The Ethereum network has recorded a surge in popularity, with more investors aiming to own part of the second-ranked cryptocurrency. The interest is highlighted by the number of unique new addresses created in 2021 alone.

Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that an average of 149,843 new unique Ethereum addresses has been created daily in 2021 on a year-to-date basis. The highest number of new addresses was created on June 5th at 332,094. So far, in September, a total of 1,389,999 new unique addresses have been created.

Elsewhere, by September 2021, 38,256,193 new Ethereum addresses were created in 2021, accounting for 22.59% of all ETH addresses ever created to date. In general, the cumulative number of Ethereum addresses to be created since inception stands at 169,296,775.

Impact of Ethereum network upgrades on new addresses

Currently, the Ethereum network is undergoing upgrades geared towards transitioning from the proof-of-work protocol to the proof-of-stake system that is energy efficient.

The upgrades play a key role in determining the number of new Ethereum addresses created, and the report takes note of this factor. According to the research report:

“The drop in new addresses comes at a point the Ethereum network upgrade is expected to create a deflation over time as it modifies the auction process. Furthermore, with Ethereum transitioning to the proof-of-stake protocol, the network will likely experience an influx of new users who want to cash in on the staking.”

The new address follows the recent cryptocurrency bull market that saw Ethereum surge in value to a new all-time high price. However, the addresses have plunged in correlation with the general crypto market.

Continue Reading

Ethereum

Ethereum to Exceed Bitcoin’s Value Within Five Years: deVere CEO

Published

on

Ethereum - Investors King
Ethereum will continue to outperform Bitcoin in 2021 and will, ultimately, exceed its rival’s value, predicts the CEO of one of the world’s largest independent financial advisory, asset manager and fintech organisations.
The prediction from Nigel Green, chief executive and founder of deVere Group which launched the pioneering app deVere Crypto in 2018, comes after a mixed few days for Bitcoin, currently the world’s largest cryptocurrency by market capitalisation.
Mr Green comments: “Ethereum (ETH) is outperforming Bitcoin (BTC) and it can be expected to continue this trend for the rest of 2021.
“Ether is up around 240% this year, while Bitcoin is up less than 38%. In fact, it has outperformed all other benchmark assets in the first half of this year.”
The deVere boss attributes two key factors that are driving Ethereum’s outperformance run.
“First, Ether has a higher level of real-use potential as Ethereum, the platform on which it is the native cryptocurrency, is the most in-demand development platform for smart contracts, thereby highlighting that network’s value not only as a platform for developers but as a worldwide financial utility,” he says.
“Second, investor enthusiasm for the game-changing transition to ETH 2.0, which makes the Ethereum network considerably more scalable, sustainable and secure. These upgrades represent a major boost not just for Ethereum but for blockchain technology itself.”
He continues: “Ethereum is more useful than Bitcoin and has tech advantages over its better-known rival.
“Ultimately, this will mean that its value will exceed that of Bitcoin – probably within five years.
“That said, I remain confident that Bitcoin will hit, or even surpass, its mid-April all-time high of $65,000 by the end of 2021.”
The deVere boss is one of the highest-profile, longest-standing crypto bulls.  Last month he was quoted in the media as saying “crypto is the inevitable future.”
The bold predictions followed a live virtual event at which Tesla and Space X founder Elon Musk, Twitter founder Jack Dorsey, and Ark Investment’s Cathie Wood all advocated for the digital assets and talked about their massive future potential.
Nigel Green concludes: “There will be peaks and troughs along the way of course, but Ethereum’s ascent to the top of the cryptoverse seems unstoppable.”

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending