Wednesday, April 25,
2018 08.34AM / Nigel Green. deVere CEO
Current market activity indicates that
cryptocurrencies are set for “another considerable surge in prices gains” in
the near future and Ethereum’s price could reach $2,500 by the end of the year
- but investors should exercise caution.
This forecast from Nigel Green, the
founder and CEO of deVere Group, one of the world’s largest independent
financial services organisations, comes after a strong few days in the
Mr Green, whose firm launched the
cryptocurrency exchange app, deVere Crypto, comments: “Most major
cryptocurrencies have been posting big gains over the last few days.
“Current market activity
indicates that the major cryptocurrencies are set for another considerable
surge in prices gains in the near future.”
He continues: “What’s fuelling this
current rally in crypto prices? There are several key motivators.
“These include the growing integration
with and adoption by major banks and other financial institutions.
“Indeed, 20 per cent of all financial
firms, ranging from hedge funds to banking giants, are now considering
trading digital currencies in the 12 months, according to a new Thomson Reuters survey
published this week.
“Another key reason for the rally is
that there’s a growing awareness of the need and demand for digital, global
currencies in a digitalised, globalised world.
“The upward trend is also being
triggered by regulation, which most experts now believe is inevitable. This
will give investors even more protection and long-term confidence in the
The deVere CEO believes that despite
Bitcoin taking the headlines, Ethereum could be the real story here.
He notes: “It’s interesting to note
that even with an impressive one-week jump of 11.3 per cent, Bitcoin - the
world’s largest by market capitalisation – is the worst performer amongst
the biggest cryptocurrencies.
“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.
“This general upswing will be fuelled
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 decentralisation of cloud computing.”
Mr Green goes on to say: “Ethereum can
be expected to solidify its position as the second most valuable and used
cryptocurrency token in the world. This consistency of the Ethereum
token will appreciate well into the future. As entrepreneurs, venture
capitalists, bankers and financial houses are looking for stability and safer
trading conditions, and Ethereum is offering that security.”
Mr Green concludes: “We’re certainly
entering crypto bull territory, with many retail and institutional investors
now finding that cryptocurrencies can no longer ignore the opportunities.
“However, cryptocurrency markets
remain volatile. Caution should be exercised and professional advice
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