Ethereum has been a virtual currency to watch, and has shown an incredibly strong start to 2018. It has regularly reached new highs and has nearly doubled in value over the course of the year already. At the very beginning of the year, it was valued at approximately $755, but since then, the value climbed to $1,417; the highest it has ever been. It has lost a small about of that value since; but overall it has increased by a whopping 87% since the start of the year.
It has the second highest market capital of all of the cryptocurrencies, being overtaken by Bitcoin alone, and there is more than $120billion invested in this virtual cryptocurrency. This increase in value might not have been completely unexpected. It saw a great growth in 2017, becoming a very popular alternative to Bitcoin.
Ethereum’s success so far this year may not come as a total surprise. The cryptocurrency managed to grow exponentially over the course of 2017 and became a popular alternative to Bitcoin. The Ethereum blockchain went from handling about 5,000 transactions per day at the start of the year to more than one million per day by December of last year.
Experts told International Business Times that Ethereum was likely to continue to grow during 2018 but warned of volatility in the price. While its climb has primarily been upward, the cryptocurrency has experienced regular dips in price as well—though rarely enough to spark panic of the coin’s value collapsing.
The coin has already blown past the $1,000 goal set for it by tech investment firm Profit Confidential . The target of $5,000 set by InvestingPR, which suggested Ethereum could also overtake Bitcoin, could be in play if the cryptocurrency continues to grow as it has so far this year.
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