The Price Of Ethereum Goes Close To $ 500

The Price Of Ethereum Goes Close To $ 500

The price of Ethereum is moving near the $500 mark for the first time. Mike Novogratz is expecting that the price of ether is going to surge all through 2017.

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The price of Ethereum attained $483 and this marks its first time ever, moving near the $500 mark. Mike Novogratz is a billionaire investor who is expecting that the price of ether is going to surge all through 2017.

Optimism in development

The Ethereum network is the sole blockchain which processes several transactions as compared to the Bitcoin counterpart daily. As a matter of fact, Ethereum processes a greater number of transactions as compared to any existing cryptocurrency Bitcoin, Ripple, Bitcoin cash, and Litecoin included.

In the past recent months, Ethereum foundation has introduced an innovative solution for scaling like sharding, Plasma & Casper in order to provide on-chain & off-chain scaling for the Ethereum protocol using second-layer solutions.
Byzantium which is the recent upgrade for the Ethereum network has offered an important capacity of transaction increase via a SegWit-like application upgrade through avoiding irrelevant data from Ether transactions. As a result, the Ethereum network’s transaction volume rose to about 550,000 transactions daily that is almost as double as the Bitcoin network.
From the start of September to the middle of November, Ether’s price stood stable at the $ 300 location after lowering from % 390 up to $ 300 after a ban of ICO & cryptocurrency trading was implemented by China.
In the mid-November however, Ether’s price began to demonstrate upper momentum and breached the $ 400 mark & achieved a fresh every time high at $ 483.

Mike Novogratz optimism on Ethereum

Mike Novogratz is a billionaire who has a firm optimism on the short & mid-terms trend in the price of Ethereum due to the ever-rising developer activities on the Ethereum network & the rising ecosystem in decentralized applications.

ETH seems poised for a transition to some new highs. A lot of good news about the horizon. #ether#consensys, this is what the billionaire wrote on Twitter.

In addition, just as Vitalik Buterin, who is the co-founder of Ethereum stated, the non-ICO applications that are decentralized have demonstrated some sustainable models of business via an open fee structure. EtherDelta, for example, was the biggest decentralized application on Ethereum protocol which was non-ICO via its sustainable model & the open-source codebase.

During the reporting time, EtherDelta is responsible for about fifteen percent of Ethereum networks transaction volume on a daily basis.

Through ZK-SNARKs incorporation & successful testing of the ZK-SNARKs transactions, on the long haul, ambiguous transactions & private payments are going to be possible on the Ethereum network too, giving good privacy as compared to other cryptocurrencies apart from Dash, ZCash, and Monero which are privacy-oriented cryptocurrencies.

Due to this, optimism on the development activity of Ethereum network is going to continue pushing Ether’s price even higher making Ethereum transaction volume to exponentially increase in the coming months.

Institutional money flow in the Bitcoin market is also going to benefit the market of Ethereum in the long haul since investors will expose themselves to the market of cryptocurrency.