The Ethereum cost achieved $483 for the firstly fourth dimension inward history, moving closer to the $500 mark. Billionaire investor Mike Novogratz expects the cost of Ether to surge throughout 2017.
Optimism Around Development
The Ethereum network remains every bit the alone populace blockchain that procedure to a greater extent than transactions than the Bitcoin network on a daily basis. In fact, the Ethereum procedure to a greater extent than transactions than all of the cryptocurrencies inward being combined, including bitcoin, Bitcoin Cash, Ripple, in addition to Litecoin.
Over the past times few months, the Ethereum Foundation in addition to the open-source evolution community of Ethereum convey introduced innovative scaling solutions such every bit Plasma, sharding, in addition to Casper, alongside the intent of providing both on-chain in addition to off-chain scaling on the Ethereum protocol alongside second-layer solutions.
Byzantium, the latest difficult fork upgrade of the Ethereum network, provided pregnant transaction capacity increment through a SegWit-like software upgrade, past times eliminating unnecessary information from Ether transactions. Consequently, the daily transaction book of the Ethereum network increased to unopen to 550,000 transactions per day, almost twice every bit large every bit the Bitcoin network.
From the offset of September to mid-November, the cost of Ether remained stable inward the $300 region, subsequently plummeting from $390 to $300 subsequently the initial money offering (ICO) in addition to cryptocurrency trading ban imposed past times the Chinese government.
However, inward mid-November, the cost of Ether started to demonstrate upward momentum, ultimately breaching the $400 grade in addition to achieving a novel all-time high at $483.
Mike Novogratz Optimistic About Ethereum
Billionaire hedge fund legend in addition to one-time Fortress executive Mike Novogratz remains optimistic inward the brusque in addition to mid-term cost tendency of Ethereum, given the increasing developer activity unopen to the Ethereum blockchain network in addition to the growing ecosystem of decentralized applications.
“ETH looks poised for a motility to novel highs. Lots of adept intelligence on the horizon. #ether #consensys,” wrote Novogratz on Twitter. More to that, every bit Ethereum co-founder Vitalik Buterin explained, non-ICO decentralized applications convey shown sustainable work organisation models, through a transparent fee structure. EtherDelta for event became the largest decentralized application on the Ethereum protocol without an ICO, through its sustainable model in addition to open-source codebase.
At the fourth dimension of reporting, EtherDelta accounts for unopen to xv pct of the Ethereum network’s daily transaction volume.
With ZK-SNARKs integration in addition to successful testing of ZK-SNARKs transactions, inward the long-term, anonymous transactions in addition to somebody payments volition locomote made possible on the Ethereum blockchain network every bit well, providing unprecedented privacy inward comparing to other cryptocurrencies alongside the exception of Zcash, Monero, in addition to Dash, the iii privacy-focused cryptocurrencies.
As such, optimism unopen to the evolution activity of the Ethereum network volition proceed to force the cost of Ether up, in addition to the transaction book of Ethereum volition rising exponentially inward the upcoming months.
The menstruum of institutional money into the bitcoin marketplace position volition every bit good produce goodness the Ethereum marketplace position inward the long-term, every bit investors reveal themselves to the cryptocurrency market.
