Ethereum hit an All Time High of $1,432.88 USD on Jan 13, 2018. It then dropped to below $400 within a few months before bouncing back to just over $800 in May 2018, followed by a bear market that lasted for a year, dropping to $155. After a brief bull run to over $300 in June 2019, it dropped again, with a few peaks leading up to this most recent run up to the $450 range. It pulled back a bit, and now the question is whether Ethereum will hit $1000 again, followed by a break through its previous ATH, or if it’s had its day.
2019 Survey Said Ethereum Would Go Up to $1000
Almost exactly a year ago, on August 10, 2019, 5410 people responded to a survey on whether ETH would hit $1000 again. 54% of respondents said yes, with 34% saying no and 12% unsure.
At that time, those people were wrong. But, are they right in the long-term? Maybe. Ethereum is still second only to Bitcoin in market cap, at $48.3B, versus $218.8B. It’s also in the top three cryptos by 24h volume, with Tether (pegged to the dollar for non-fiat trades), and Bitcoin above it. ETH broke $200 back in May, and has been surging ever-since, other than a few temporary dips.
Ethereum Tokens Still Used for ICO Fundraising
Despite the impact of US, EU, and other regulations on the ICO market, ERC-20 tokens are still popular for creating ICO smart contracts. This gives Ethereum continued utility of which other coins may have the capability, yet lack the massive adoption.
The US Dollar is Weak and Bailouts Cause Uncertainty
Part of the catalyst for the boom in crypto trading was the COVID-19 lockdown, created by governments around the world. This caused massive unemployment, government bailouts, money-printing, and an expected surge in inflation and the devaluation of currencies around the world.
The Number of Active ETH Wallet Addresses is Growing
While BTC is still highly valued compared to ETH, the number of ETH addresses continues to grow at a much faster pace. This shows a lot of interest in the coin, and that interest could lead to higher trading volume, and value. You can pay for everything from holistic remedies to web hosting with Bitcoin today. But, many providers are also beginning to accept Ethereum and other coins.
Will ETH Go Up Past $1000?
There are many indicators that Ethereum will continue to climb, and $1000 isn’t out of the realm of possibility. It was there once before, and it can climb back up, again.
Seymour Nunez is a contributing writer for Cash Tech News who enjoys writing about the intersection of blockchain technology and everyday life.
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