Ever since their onset, cryptocurrencies have been volatile in nature. Their market valuations have kept fluctuating over the years. There are days when the value of these digital currencies skyrocket, and then there are weeks when these values drop regressively.
Among the world’s most popular platforms for trading digital money is Etherum. The platform and its cryptocurrency Ethereum (ETH) has always been a hot topic of interest for modern investors in the tech community. So, here’s a comprehensive Ethereum price prediction for 2020, offering some valuable insights on its risks and opportunities.
The World of Cryptocurrency with Ethereum
Before diving into the predictions, it is essential to know the technical background of this cryptocurrency platform. Ethereum is a familiar name in the world of digital currency. Based on market capitalization, Ethereum is the second-largest cryptocurrency platform in the world. It is an open-source and decentralized platform that runs on blockchain technologies and offers smart contract functionalities.
Ethereum (ETH) is the native cryptocurrency of the Ethereum platform. It is digital money sent over the internet and used for payment in Ethereum-based applications. As a cryptocurrency, Ether is cheap and all ETH transactions can be executed instantly. It is the fundamental token for transactional operations on Ethereum.
What is the Current Price of ETH?
In January 2018, ETH peaked at its all-time high, with an estimated value of $1,432.88. However, last year has been quite a bummer for ETH investors. In 2019, people holding ETH wealth faced a sudden fall in the prices. Starting with a $136.55 price in January, the ETH price peaked at $351 in June. However, surprisingly, it stooped very low and touched $132.61 on December 31, 2019. As of June 30, 2020 and Ethereum News Today, the current price of ETH is approximately $240. To cope with the shocking price tumble of 2019, investors are keenly searching for apt insights from 2020 Ethereum price predictions.
Ethereum Price Prediction for 2020
According to the renowned online trade analyst, Bobby Ullery, the changing global economy of 2020 would play a significant role in the pricing of the ETH. Due to the nationwide lockdowns and business standstills caused by the outbreak of novel coronavirus, international trade would witness unprecedented developments in the evolution of digital currencies and blockchain technologies.
Ullery predicts that ETH would hold 25% of the market cap on the cryptocurrency industry, with an estimated $4.5 trillion global market value by the end of 2020. This prediction puts the Ethereum price at an estimated $1,375 by 2020-end. This 775% rise in ETH price is actually not as unrealistic as it may seem.
Ethereum’s Long-Term Price Prediction
In the long run, ETH could surpass Bitcoin within the next few years. Some of the most optimistic long-term ETH price predictions indicate that ETH may become “gold” in the digital currency landscape, and could reach nearly $100,000 by the end of 2026.
On the other hand, some predictions foresee Ethereum as a high-risk environment for crypto-investments. These predictions expect the ETH to fall to $184 in mid-2021 and even plummet to $125.9 price in the next five years.
False Price Predictions for Crypto Money
Vitalik Buterin, the founder of Ethereum, identified the two worst off-mark cryptocurrency predictions that were overlooked in the recent past. The first one was a bullish Bitcoin prediction of John McAfee that proclaimed the value of the cryptocurrency at $1 million in 2017. After his prediction fell through, McAfee retracted the proclamation in January 2020 and also ultimately dubbed Bitcoin as “worthless.” Secondly, Vitalik Buterin also dismisses the prediction made by cryptocurrency critic, Nouriel Roubini, who baselessly stated that 99% of cryptocurrencies are worthless.
Statistically, the Ethereum-based services would witness average growth in the median price per coin, which is likely to be $246.8 by the end of next year. During the span of the following five years, Ether is expected to witness steady growth and could soar up to $494 price towards the end of 2026.
A Conclusive Market Outlook for ETH Prices in 2020
The global cryptocurrency market is showing an overall positive drive towards the growth of Ethereum prices in 2020. The ETH coin could face some hardships and may also take the flak from pro-Bitcoin critics of the tech community. However, it would emerge strongly as a turnkey digital asset in competitive projects. In early 2020, despite the business lockdowns, Ether has witnessed more highs than lows compared to Bitcoin. This year, ETH would sail strongly and would remain the second-largest cryptocurrency in terms of market capitalization.