It is a new month, and the value of Ethereum continues its overall upward movement, although it encountered a lot of challenges along the way.
On Wednesday last week, the price of Ethereum managed to pass the $700 mark barrier before the price plunged down to $600 the next day – according to CoinMarketCap.
The Weekly Report of Ethereum’s Price
The reduction in value was accompanied by an increase in the total volume of trade to about $4.4 billion before going down to about $2.8 billion as the value of the cryptocurrency slowly gained strength to between $680 and $690.
It remained in that range until it experienced another drop down to $640 earlier today (May 1).
Where Is Ethereum Heading To?
The crucial question people are asking about Ethereum is whether the trend that begun about four weeks ago is the one they should pay attention to or if last week’s falls are the beginning of a new trend.
The CEO and founder of deVere Group – Nigel Green said that the value of Ethereum is likely to have a significant increase this year, and the value could hit an all-time high of $2,500 by the end of this year, and it will increase further by next year.
Mr. Green said the reason for the expected increase is that ETH trading is occurring on several platforms, cloud computing decentralization works in its favor, and contracts are expanding.
Also, the increased regulation in the crypto market is bringing institutional investments to the market, and this could affect the prices of digital currencies in a positive way.
Digital currencies involved great risk, they are complex and speculative. They are also very sensitive to secondary activity and highly volatile. They have an unpredictable performance. Despite predictions, no one knows exactly what’s going to happen in the crypto market any moment from now. The prices might upsurge, or they might drop further.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
