This the month the price of Ether has rocketed. So too has Bitcoin's price, however Bitcoin has suffered a considerable retracement, which has not been the case for the Ether. Ether opened on January with a price of 738.60, while it is currently trading at around 1330, the price has peaked as high as 1475.8 - that's virtually a doubling of the price in 20 days of trading.
While Bitcoin is regarded by investors as ‘digital gold’ and a store of value, the business case for Ethereum blockchain is driven by the rapidly expanding market for decentralised finance (DeFi). DeFi allows financial products such as loans and insurance to be transacted without intermediaries. A few years ago DeFi was unknown, however, it now accounts for $24 billion of crypto assets, a figure that is forecasted to explode in the next few years.
Another short term reason driving demand is February 8, 2021 will see Ethereum futures launch on the Chicago Mercantile Exchange with an the upgrade to Ethereum 2.0 to make it more secure and scalable.
Ether's next target is $2 000, with some technical analysts eyeing much higher levels of $35 000 in the next two to five years as more mainstream investors enter the market and considerable expansion of use of the blockchain technology for financial transactions.
While Bitcoin is regarded by investors as ‘digital gold’ and a store of value, the business case for Ethereum blockchain is driven by the rapidly expanding market for decentralised finance (DeFi). DeFi allows financial products such as loans and insurance to be transacted without intermediaries. A few years ago DeFi was unknown, however, it now accounts for $24 billion of crypto assets, a figure that is forecasted to explode in the next few years.
Another short term reason driving demand is February 8, 2021 will see Ethereum futures launch on the Chicago Mercantile Exchange with an the upgrade to Ethereum 2.0 to make it more secure and scalable.
Ether's next target is $2 000, with some technical analysts eyeing much higher levels of $35 000 in the next two to five years as more mainstream investors enter the market and considerable expansion of use of the blockchain technology for financial transactions.