Ethereum’s 1M Transaction Volume Propells Expert Predictions to Further Price Upsurge
Ethereum price is set to undergo a 52 days bull-strike as crypto analysts base their bullish predictions on the current rise in transaction volume of the second most used cryptocurrency in the world.
By Ikenna UwakweUpdated
3 mins readPhoto: Shutterstock
Ethereum (ETH) stands to be the most talked about and widely used token out of the 2296 cryptocurrencies in the world after Bitcoin (BTC). The relevance of Ether (as it is most commonly referred to) is further accentuated as CMC registers a market dominance on the go.
With the number one crypto-coin having a market dominance of 61.5%, Ether solidly trails behind with an almost 10% dominance of the overall cryptocurrency trading volume. As of the time of writing, an estimate of the total market capitalization was within the range of $318 billion USD, alongside an approximate of $91 billion USD daily trading volume.
Current Trend in Ethereum Price Fluctuations
At the present time, Ethereum price vacillates around $294. And as BTC continually plunges, ETH, however, maintained a little bit of grip as it traded at $320 amidst the colossal week-span price deterioration of cryptocurrencies in general.
So much as this stands to be a massive plunge, it still is a major boost when in juxtaposition to the digital currency’s daily transaction volume from 5 months ago, which was well around $380,000 USD increasing to an all-year high of $1,000,000 USD irrespective of Bitcoin’s price dip.
The 52-Days Price Hike
In spite of these past events and at the wake of the most recent developments, renowned Crypto Specialist Mitoshi Kaku hopes for yet another massive boost come this summer. In what might span a 52 day period of uninterrupted bullish trend for Ethereum.
In a statement on Twitter, He expresses the possibility of a brewing bullish formation that could ignite a sudden craze for the digital token in the coming week, as he tweeted:
Basing his investigations on a technical standpoint and taking into consideration the price growth of BTC, he further postulates on future ETH gains. The two major crypto analyst tools, which includes; the fundamental and the technical aspects of cryptocurrency analysis, projects the price of ETH to reach unfathomable gains, most significantly during the first week of July. He stated in another tweet:
A little explanation to those that want to understand the analysis in a better way. These are the levels I am looking for, and the signals are there already. The next time that Chikou line goes above and retest the cloud it will be bull time. Plan accordingly. Maybe 7/5-7/7 $ETHpic.twitter.com/IXzTWwbTwc
Additionally, it is pertinent to point out the fact that ETH has more room to peak greater highs. As there exists a tonne of projects that partook in ICOs during the fall of 2018, with some being already listed into the market, and others having their tokens distributed but locked, a successful listing of these projects could skyrocket the price to ETH to even greater horizon.
Also evident, is the fact that these projects ties not only their funding mechanism, but also their underlying technology to the Ethereum blockchain.
In Conclusion, if this comes to fruition, ETH could surmount BTC in terms of market domination as it could enjoy a wider use-case on the long run.
Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
