Bitcoin is not the only huge mover in 2017. Ethereum has hung on to its coat tails, rising by over 3,600% this year, and further rises are being predicted in 2018 for the world’s second-most valuable cryptocurrency.
At the start of 2017, Ethereum could be snapped up for $8, but at the time of writing it has risen above $330, and the year is not yet out. For an established currency, Bitcoin is the gold standard, and is a target for Ethereum to aspire to as well as proving that such rises are eminently possible.
Following the weekend, the major currencies seem to have turned from a bearish to a bullish market, and Ethereum is leading the midweek gains, with prices this morning up to $340, although this has dropped to $333 at the time of writing.
One of the main attractions of Ethereum is the concept of there being no limit on coins, where Bitcoin’s cap is 21 million. This is coupled with the opportunity for developers build applications and Initial Coin Offerings (ICOs). Creating new blockchains is easy, and the promise of new hard forks for 2018 has only served to increase the currency’s growing influence. In Sweden, for example, Nasdaq offers two exchange-traded notes, allowing for price tracking.
The speculation on the markets that Ethereum could even replace Bitcoin in the future as the number one cryptocurrency continues to mount, despite the recent issue with Parity, the second biggest Ethereum wallet, experiencing an accidental freeze of over $150 million of Ether, the currency that is run by Ethereum. This is an issue which promises to run on in to 2018 at the very least.