Ethereum price is increasingly slowly and steadily over the last few days and is heading towards the $400 mark again and if things continue on this path, it won’t be long before we see the cryptocurrency leapfrog its previous high of $420.
After days of ups and downs, Ethereum saw its price jump the $300 mark in middle of August and since then has been on an upwards trend. Ethereum price has been increasing by about $20 everyday since the last few days and is currently trading at $380 levels.
Alongside the increase in Ethereum price the trading volumes of the cryptocurrency have also increased impressively reaching $1.5 billion almost everyday. Chances of volatility are high as it nears the $400 mark and things are expected to become more erratic near its all-time high of $420.
Traders and investors would want to keep close watch on Ethereum price as it nears the all-time high and if there is no bearish trend, we anticipate Ethereum price to breach $450 levels in the matter of next few days.
One of the key factors that could push the price of Ethereum even higher is the soon to be implemented Metropolis upgrade. This upgrade will slash block reward from the current five eth to around three and if demand for the cryptocurrency remains the same or increases, then the reduced supply might have the effect of proportionally increasing the price.
If it does so mathematically perform, then the currency might once again be very close to overtaking bitcoin’s market cap, bringing back that talk of the flippening.
The Devcon 3 conference may add fuel to it, while bitcoin’s expected troubles around the same time might even lead to an ecosystem wide shift dependent on how it is handled.
All of the above is necessarily speculative, but there is something very unique happening here. For the first time, the bull run in this space is being sustained. It has never lasted months, while it has lasted for much of this year.
The reason may be because fortunately we have not seen a blackswan event, suggesting this space is maturing while providing some sort of stability.
That may be because it has now become very obvious just how important security is and just how dangerous any incompetence or negligent oversight can be, coupled with a decent – while still not good enough – diversity and competition between exchanges.
It’s too early, however, to declare much confidence in that underlying infrastructure. Things can, and sometimes do, go wrong. But this year they haven’t. Not to any significant extent.
Instead, it has gone very right so far. With the bitcoin hardfork a booming event, the best of ICOs rising, some nearing $1 billion in market cap, while new jurisdictions, like South Korea and Japan, make an entrance.