Independent financial consulting company deVere Group, which provides investment and wealth management services, has predicted that the price of Ethereum[1] (ETH) could hit $2,500 by the end of the year, MarketWatch reported[2] April 27.
The financial consultancy firm said that the second largest cryptocurrency could see a significant rise, predicting its fourfold increase thanks to growing adoption of the digital currency as well as the use of smart contracts[3]. Nigel Green, founder and CEO of deVere Group, told MarketWatch:
“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 [...] 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 introduction of cryptocurrency[4] market regulation is only a matter of time. According to Green, this will result in more confidence in the market and better investor protection. At press time, Ethereum is trading at $653.66[5], with a market cap of $64.7 bln.
Following the record-breaking rally[6] of Bitcoin[7] last December, Green predicted that, “We should expect to see Bitcoin see-sawing in coming weeks. Sharp moves are likely, followed by subsequent corrections.”
Earlier this month, Fundstrat co-founder Tom Lee[8], known for his optimistic Bitcoin predictions, repeated his bullish forecasts[9] for the leading cryptocurrency price, telling CNBC that it could reach $25,000 by the end of the year.
