Bitcoin (BTC) has finally conquered the $10,000 hurdle in a feat that many of us thought was never going to happen. Etheruem (ETH) is also rallying to break $1,000. The Bitcoin benchmark was achieved on the 15th of February and if you are like most of us, you held a small party in your on slice of heaven: may it be an office cubicle, on that bus seat during your daily commute, or in your daily routine reading cryptocurrency news. This achievement also meant that many of the alternative coins had a good week. Our beloved Ethereum (ETH) was not left behind.
To begin with, Ethereum gathered some good momentum in early November last year when it was priced at $300. It would then peak at around $1,431 on January 13th this year. This is a 377% increment in around two and a half months. If such a performance is something to go by, doing another 100% by May is very possible. May is approximately 2 and a half months away. Actually, May is an estimate I am using to save myself from overhyping the possibilities of Ethereum in the markets.
Another reason why Ethereum (ETH) will soon hit $2,000 is because the coin is the preferred mode of funding for most ICOs out there in the market. Most ICO initiators are even basing their token price based on Ethereum rather than Bitcoin. This means that the ICO market, which is in the hundreds of millions of dollars as can be seen by the amounts raised by Crypterium ($51 Million) and Bankera ($130 Million). As more and more ICOs go live in 2018, the demand for Ethereum will surely send it to the roof and past the Stratosphere
A third reason that Ethereum will touch the $2,000 mark very soon, is the technology behind Ethereum known as Smart Contracts. These smart contracts simply eliminate middle men that are found in regular transactions. These include: lawyers, banks, other money transfer service providers, government agencies and even bookies in the case of a decentralized betting platform. Many of the ICOs pretty much use the Ethereum blockchain to distribute tokens by utilizing these smart contracts. If this is not proof of concept, I do not know what else will convince you that Ethereum is the future of this cryptocurrency market. Bitcoin on the other hand, does not have these smart contracts.
The final reason why I think that Ethereum (ETH) will easily cruise to $2,000 is the simple fact that many traders are diversifying their crypto portfolio and walking away from Bitcoin as being their main digital portfolio asset. This is after Bitcoin did a nose dive in the market that many speculate was caused by the Bitcoin Futures that were introduced in Mid December. I had one trader friend declare that Ethereum was going to make up 50% of his portfolio henceforth. No, he was not inebriated, but he was convinced and converted to being an Ethereum believer.
