Ethereum price

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Last two month have been quite challenging for the Ethereum price as  investors have seen recent decline in value. Two months ago in September 2017, Ethereum nearly reached £300 mark but this peak, ether wasn’t able to sustain such rally and came down to about £230. At the same time Bitcoin, it’s closes rival, has achieved all times high a number of times and keep breaking this record.

It is possible that Ethereum price volatility is caused by large number of investors liquidating it’s holdings in favour of Bitcoin, which hit £5700 mark in October 2017. Many investors prefer to add more fuel to Bitcoin bull run, temporary forcing Ethereum price to go down below £220 at the end of October and bouncing back to £230 mark at the beginning of November.

The main challenge came from Bitcoin, at present the most popular cryptocurrency in the world that controls nearly 65% of the crypto market cap. This number has been significantly growing over the past few weeks and no one is sure when this will stop. However, the Ethereum came dangerously close of achieving the tipping point – raising it’s market capitalisation above that of bitcoin and becoming the largest cryptocurrency. Many investors expected it to prove more resilient against volatile price swings but that has not proved the case yet.

Currently, ETH is trading at around 0.04 BTC. The last time Ethereum price was at this level against the bitcoin was the last week of April 2016, when it came down to just £30. 

Ethereum price – forecast and predictions

While Ethereum recent performance have not been consistent, investors still have the reasons to remain bullish about the long-term prospects and opportunities for the platform. At the same time Bitcoin’s overshadowing rise is puzzling many investors as the see potential and worrying signs of a  bubble and start expressing their concerns about Bitcoin more and more often.

At the recent Devcon3 conference, Vitalik Buterin shared the multi-year roadmap that explained, among other things, some of the hurdles the platform is facing. One of the key issues that was discussed is the scalability and how developers intend to address it. Vlad Zamfir also presented a Casper draft white-paper, the new proof-of-stake consensus mechanism.  This was actively discussed by developers lately and many are very optimistic and bullish about this approach.

While many of the new initiatives and projects that have been presented and discussed at Devcon3, it will take certain time to for them to be accomplished. It is too early to forecast when the Ethereum price will turn the corner but current investors should remain optimistic. Ethereum remains one of the main cryptocurrencies and has a bright future.