There are so many upcoming blockchain projects that all claim to be “Ethereum killers.” It has got to a point where people are beginning to think that there is no future for Ethereum (ETH). But is that the case really? While Ethereum has its flaws, it is still one of the most solid cryptos in the market.
However, Ethereum could surprise investors by emerging as one of the best performers this year. The signs are already there. For instance, there are emerging news that South Korea could be legalizing ICOs again. Considering that South Korea is one of the largest cryptocurrency markets in the world, this move would see a surge in the number of ICOs launching on the Ethereum blockchain.
It would be 2017 all over again. The only difference between this year and 2017 is that there is more awareness about crypto at the moment, and people have already seen the potential that crypto has. As such, if South Korea makes the move and legalizes ICOs, Ethereum could explode in value. The signs of an upside move are already there, with Ethereum breaking above $800 in the last few days. That’s after getting to lows of $300 at the height of the crypto downturn.
Another factor that will drive Ethereum this year will be a shift towards prove-of stake. It is already anticipated that Casper (Ethereum’s prove-of-stake) will be running in the next 5 months or so. According to Vitalik, the Ethereum founder, Casper is already in stage two of the testnet.
Once this goes live, it will make Ethereum (ETH) one of the most scalable blockchains in the smart contracts space. Picture this, in the recent past, Ethereum has hit a valuation of over $1000 even with all its scalability issues. How much more would it rise once it implements Casper and becomes highly scalable? There is a good chance that it would do multiple times the gains it made, when it hit its all-time highs in 2017.
But the biggest factor to Ethereum’s next Bull Run will be Vitalik Buterin. Vitalik is not only highly influential in Ethereum, but in the crypto market as whole. As he continues to push Ethereum, the more the number of projects that will continue to launch on this blockchain, and the better its value will get. So far, we have seen his influence in successful projects like OmiseGo among many others.
So how high can Ethereum go this year? Well, I have come across projections that put its potential at $15,000.But that’s a little way off, unless the rest of the market heads into the multi-trillion dollar valuations too. Realistically, Ethereum could close the year at around $2000-$3000. This is pretty much in line with Ethereum’s fundamentals, and the growth of the entire crypto market in general. One thing is certain though, anyone writing off Ethereum (ETH) will be in for a rude shock. It has maintained its standing in the market for some time now, and with things like Casper coming up, its value will only grow.