Ethereum was launched back in 2015 and is currently ranked 2nd by market capitalization. Ethereum is quite similar to Bitcoin and other cryptocurrencies as it is decentralized and scarce, however, ETH offers additional features like the means to build new kinds of applications on top of it.
There are currently thousands of developers building applications on Ethereum which has pretty much the largest blockchain active community.
Additionally, Ethereum is also the platform where most tokens are built on. There are currently more than 200,000 different ERC-20 (Ethereum) tokens.
So, What is Ethereum’s Current Price Situation?
Ethereum is currently trading at around $128 and has been in a significant downtrend for the past few months. 2019 has been a bit of a roller coaster for Ethereum as the cryptocurrency started the year at around $128 too.
The digital asset then experienced a massive bull run up to $364 only 6 months later but eventually crashed back down to $128 and to a 2019-low of $116 only a week ago.
Ethereum has been losing a lot of strength recently as Ethereum 2.0 upgrades have been delayed and a big sum of Ethereum coins were stolen recently.
The PlusToken scam has been one of the biggest scams in the history of the crypto market. Recently, the scammers moved around $105 million worth of Ethereum coins, a move that has created a lot of uncertainty among ETH investors. This has been one of the main factors in the recent weakness of Ethereum.
Ethereum Price Action in the Past
We have seen that Ethereum is currently under a lot of selling pressure but it’s always crucial to look at longer time frames to really get an accurate idea of where an asset is headed to next. Ethereum started trading in 2015 but only started picking up trading volume around the beginning of 2016.
The digital asset experienced its biggest bull runs back in 2017 alongside the rest of the market. Ethereum was trading as low as $8 in January 2017 but eventually peaked at $1,424 one year later. This was a 16,700% increase so it’s really not a surprise that ETH had quite a massive crash afterward.
Even today, at $128, Ethereum’s price is still 1,500% higher than what it was back in 2017.
But Can Ethereum Actually Ever Hit $10,000?
Looking at rough numbers, currently, Ethereum has a circulating supply of 109 million ETH and a market cap of $14 billion at $128 each coin. If each ETH coin was worth $10,000 the current market cap would be 1,09 trillion.
This number might sound quite high, however, it really isn’t when you take in count that Ethereum is a global currency. In comparison, Apple’s total market capitalization is also around $1 trillion and it’s a single company.
So, theoretically, Etherum can definitely hit $10,000 but is there enough value behind the coin? Considering how many tokens and applications are being built on top of the platform and that Ethereum is transitioning from PoW to PoS, there seems to be enough fundamental value.
Looking at the monthly chart, we can see Ethereum is currently in an uptrend and could form what is known as an Equilibrium pattern which happens when an asset forms a lower high followed by a higher low.
If the equilibrium pattern gets confirmed and Ethereum breaks bullish, $1,500 would be the next target and after that, the currency is really facing no resistance. Ethereum could easily take over Bitcoin, in fact, back in June 2017, Ethereum was on the verge of passing Bitcoin in terms of market capitalization.
Do you think Ethereum has what it takes to beat Bitcoin and hit $10,000?
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