Ethereum Could Touch $2500 By the Year-End Says Consulting Firm deVere

Analysts from around the globe have predicted that as the regulatory measure for cryptocurrencies gets more clear and streamlined, a huge amount of institutional investor’s money is waiting to enter the digital currency market. The latest survey shows that one in five institutional firms are planning to start crypto trading in the next 3-12 months.

While that many people have been betting big on Bitcoin, the latest report from the Independent financial consulting company deVere Group shows that Ethereum could touch $2500 by the end of this year, reports MarketWatch.

The crypto market seems to have already started its journey, as the market valuations reached over $410 billion this week and Ethereum has been seen consistently trading close to $700 levels almost double its price since the start of April 2018.

So as per the predictions from deVere, the price of Ethereum can multiply four times from these levels leading to the growing adoption of the digital currency along with the use of smart contracts.

In an email to MarketWatch, Nigel Green, founder and CEO of deVere Group writes: “The price of Ethereum is predicted to increase significantly this year, and could hit $2,500 by the end of 2018 with a further increase by 2019 and 2020.”

He also notes that “This general upswing will be fueled by three mains drivers. First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing.”

Green also said that the arrival of cryptocurrency market regulations is pretty much of the cards and the positive point about it is that it will bring more confidence in the market with better investor protection.

Green also talked about the three factors that can push forward the price of Ether tokens considerably. The first is the increased liquidity as more and more platforms are seen using Ethereum. The second is the exponential use of smart contracts on the Ethereum platform and the third is the decentralization of cloud computing.

Ethereum is currently the second-largest cryptocurrency by market cap. One of the major areas where Ethereum has an advantage over its rival Bitcoin is the speed of transactions. Ethereum can process a transaction in just 14 seconds against Bitcoin which takes around 10 minutes.

While talking to CNBC earlier this year, Thomas Glucksmann of blockchain group Diginex said: “Ether’s price rally is a testament to the growing popularity of ethereum as a platform for decentralized applications. Over the last year and a half, we’ve seen that the majority of tokens issued during ICOs and traded on exchanges have been coded to run on the ethereum network.”

Blockchain entrepreneur Steven Nerayoff is equally bullish and says “What you’re seeing with ethereum is an exponential increase in the number of projects — there are billions of dollars being poured into the ecosystem right now — maybe ten times more projects this year than last year. [This] could easily lead to a doubling, probably a tripling, in price by the end of the year.”