On Thursday morning, cryptocurrency enthusiasts had a reason to smile as the market saw a resurgence in buying pressure, which in turn, made the overall sentiment in the market to shift. This led to the majority of digital currencies such as Ethereum, experience significant price changes.
The cryptocurrency market has been making history for all the wrong reasons of late, most notably by recently surpassing the plunge of the infamous Dot-Com bubble in the early 2000’s. However, the market seems to always make a sudden come back at the point when almost everyone has lost hope in the industry. This has been demonstrated today when the market’s total cap edged back up above $200 billion, after dropping below $195 billion in the last week, thus leading to a shift in the market’s overall sentiment.
Additionally, Ethereum, which had earlier lost about 40% of its value since September, gained 14% in the last 24 hours, to trade at $212 at the time of writing. From $167 on September 12, Ethereum’s price has gained 20% to trade above $200, according to data from coinmarketcap. Additionally, the 100 SMA is above the 200 SMA to signal that the path of least resistance is to the upside. In other words, the coin’s price is more likely to increase than the opposite.
Moreover, ConsenSays Capital co-founder Andrew Keys stated that Ethereum would hit $2,000 by the end of 2018. Keys has predicted many events in the industry, one of these key events includes the long-anticipated “Flippening” as well as the total market cap of all blockchain-based digital assets that would exceed $2 trillion by January 2019. Through his forecast, Keys wrote that Ethereum would continue outperforming bitcoin and the coin’s total market cap would also exceed that of bitcoin in 2018.
Do you support Keys’ prediction that Ethereum may hit $2,000 by the end of 2018?
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