Ethereum to Surge Higher This Year, Bakkt Pressing Forward Despite Delays in Regulatory Clearance

Bakkt is a new crypto platform created by ICE and designed to allow consumers and institutions to carry out transactions (such as buying, selling, storing and using digital assets) on a seamless worldwide network. Essentially, the Bakkt crypto offering intends to create a market that is regulated by federal regulators for top digital asset Bitcoin (BTC).

The goal of the platform is to facilitate institutional investment. When institutional investors enter the Bitcoin space, other altcoins including Ethereum (ETH) are also-ran positively affected. There have been delays in the launch of the Bakkt crypto offering, but the company has pressed on in its moves to start operations. What is Ethereum’s current status?

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$249.48
-0.98%

What is the Current Situation of Ethereum (ETH)?

From the current market patterns, Ethereum (ETH) is trading at $143.72. With a market capitalization of just $15,154,333,944 as of press time and a circulating supply of a whopping 105,433,227 ETH tokens. The digital asset is the second largest cryptocurrency by market capitalization. It has since initiated a bull trend that has seen it gain by 2.85%.

Ethereum (ETH) Price Analysis?

The chart for the pair shows that Ethereum (ETH) is trading at $143.71 as of the time this content was published. Its current market capitalization is at $15,153,691,874 with a 24-hour volume of $5,417,691,063. The same chart of the ETH/USD pair shows that approximately, one month earlier Ethereum (ETH) had a $128.49 trading point. Hence, the value of Ethereum (ETH) has increased by 3.76% in this one month period.

What is Ethereum’s Future Price Prediction?

According to an earlier report by Smartereum, Ethereum the world’s second largest cryptocurrency by market capitalization, can trade around $500 by the 2019 year end. By 2020, it has the potential to spike up to $2,000. Crypto enthusiast Joseph Raczynski, believes ETH has great potential to be the best with all its vast global network. Ethereum is expected to reach $1200 by year-end. According to influential tech expert, Ian McLeod, ETH could well be somewhere near $500 by this year end. He also said that the Bitcoin (BTC) price could lose up to 50% of its market to Ethereum (ETH). Crypto whales think that Ethereum’s average price will revolve around $650 by year end.

Bakkt Forging Ahead Amidst Regulatory Hold Up

The Bakkt platform was initially announced in the summer of last year to great excitement and anticipation. The fact that ICE (the owner of the NY Stock Exchange) is pushing for Bakkt’s launch and behind the project has brought an air of legitimacy into the Bitcoin (BTC) space for many people. As at the time of Bakkt’s launch announcement, talks of the likes of Starbucks and Microsoft involved in the platform in one capacity or another gives great anticipation.

Since that time onwards, there has been a fresh stumbling block hindering the launch of Bakkt. The crypto offering is yet to gain any type of regulatory approval from the CFTC (Commodities Futures Trading Commission). This has resulted in the launch being as postponed severally until approval is secured. Going by earlier reports that the company is publishing its final product details, it is safe to say the Bakkt platform is only waiting for green light from the regulatory body before starting operations.

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