Financial consulting firm DeVere Group predicts the price of Ethereum (TIKER: ETH/USD.BITFINEX) to rise fourfold this year.
“The price of Ethereum is predicted to increase significantly this year, and could hit $2,500 by the end of 2018 with a further increase by 2019 and 2020,” wrote Nigel Green, founder and CEO of deVere Group, in an email to MarketWatch.
According to him, the upswing will be fueled by three mains drivers.
“First, more and more platforms are using Ethereum as a means of trading. Second, the increased use of smart contracts by Ethereum. And third, the decentralization of cloud computing,” he said.
Green also said regulation in the cryptocurrency sector is inevitable, which will lead to greater investor protection and long-term confidence in the market.
Ethereum, the second largest cryptocurrency by market capitalization, has gained 0.65% over the past 24 hours and is currently trading near $648,63.
By Siranush Ghazanchyan