Ethereum Price Moves Closer to $500, as New All-Time Highs Achieved
The Ethereum price attained $483 for the very first time ever, moving nearer to the 500 mark. Billionaire investor Mike Novogratz anticipates the price of Ether to spike throughout 2017.
The Ethereum network stays as the sole real public blockchain that processes more trades than the Bitcoin system on a daily basis. In reality, the Ethereum process more trades than all of the cryptocurrencies in presence combined, such as bitcoin, Bitcoin Cash, Ripple, and Litecoin.
Within the last couple of weeks, the Ethereum Foundation along with the open-minded development community of Ethereum have introduced advanced scaling solutions like Plasma, sharding, and Casper, with the intention of providing both on-chain and off-chain climbing on the Ethereum protocol together with second-layer solutions.
Byzantium, the hottest hard fork update of the Ethereum network, given considerable trade capacity growth via a SegWit-like software update, by eliminating unneeded data from Ether transactions. As a result, the daily trade volume of this Ethereum network climbed to approximately 550,000 trades daily, almost two times as big as the Bitcoin network.
From the start of September into mid-November, the price of Ether remained steady at the $300 area, after depositing from $390 to $300 following the initial coin offering (ICO) and also cryptocurrency trading ban imposed by the Chinese authorities.
Nonetheless, in mid-November, the price of Ether began to show upward momentum, finally breaching the 400 mark and attaining a new all-time high of $483.
Mike Novogratz Optimistic About Ethereum
Billionaire hedge fund superstar and former Fortress executive Mike Novogratz stay optimistic in the short and mid-term price tendency of Ethereum, given the rising developer activity around the Ethereum blockchain network along with also the growing ecosystem of decentralized software.
“ETH seems poised for a move to new highs. A lot of good news on the horizon. #ether #consensys,” composed Novogratz on Twitter.
More importantly, as Ethereum co-founder Vitalik Buterin clarified, non-ICO decentralized software show sustainable business models, via a transparent fee structure. EtherDelta, for example, became the biggest decentralized program in the Ethereum protocol with no ICO, through its renewable version and open-source codebase.
— Vitalik Buterin (@VitalikButerin) October 8, 2017
In the time of reporting, EtherDelta accounts for approximately 15 percent of their Ethereum system’s daily trade volume.
Together with ZK-SNARKs integration and effective testing of ZK-SNARKs trades, at the long term, anonymous trades and personal obligations will be made possible on the Ethereum blockchain system also, providing unprecedented solitude compared to other cryptocurrencies with the exclusion of Zcash, Monero, and Dash, the 3 privacy-focused cryptocurrencies.
Therefore, optimism around the growth activity of this Ethereum system will continue to push the price of Ether upward, and the trade volume of Ethereum will grow exponentially in the upcoming months.
The flow of institutional money to the bitcoin marketplace will also reap the Ethereum marketplace in the long term, as investors introduce themselves into the cryptocurrency marketplace.