Could Ethereum Double In Price In 2020?

[sulphur007]

Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Ethereum (ETH), the second-largest and most popular virtual currency in the market has already doubled in price since the beginning of the year. The main question is whether the cryptocurrency will be able to repeat the performance once again throughout 2020. There are some things that let us think there is a lot going on behind Ethereum’s project.

Ethereum Price 2020

We wrote at UseTheBitcoin that there were many factors that could help Ethereum surge in the coming years. The main question is which new things will help Ethereum move forward in the market once again.

One of the things that could push Ethereum to new highs is related to the premium many traders are paying to have exposure to this virtual currency. Specifically, large investors are paying a 220% premium in order to have access to Ethereum.

This shows that the interest from accredited investors and institutions continues to grow. Not only Bitcoin (BTC) is calling the attention of traders but other digital assets are also doing so. One of them is Ethereum, considering this is the second most valuable virtual currency in the world.

Traders entering the market could have a large influence on the price of this cryptocurrency. If demands continue to grow and the bull market keeps for several months, Ethereum may certainly double in price.

Expanding Decentralized Finance

One of the main things that are helping the market to move forward is related to decentralized finance. Decentralized Finance, also known as DeFi is pushing the Ethereum ecosystem to the next level.

There are several projects that are gathering and attracting several funds to the ecosystem and this could have massive implications for Ethereum. The second-largest blockchain network in the world is known for providing smart contracts to the market. This is now evolving towards DeFi, which is becoming an industry itself in the crypto space.

As reported by DeFi Pulse, in early February there were more than 3.1 million ETH locked in a wide range of Decentralized Finance applications with Maker (MKR) being the leader in the market with a 61.6% dominance.

Other companies and projects such as InstaDapp, Compound and Uniswap are also expanding and attracting a larger amount of funds.

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Conclusion

Ethereum has already doubled in price during 2020. It moved from around $125 to over $260. Now it has a price per coin of close to $270. Would ETH be able to surge and surpass $540 in the current year?

[Alcor]

Although the price of ethereum now is not $ 270, but $ 170, this coin is still capable of increasing the price of more than $ 500 this year. To a large extent, this will depend on how successful and effective Ethereum 2.0 improvements to this coin prove to be. It will also depend on the general condition of the cryptocurrency market and how quickly we will overcome the coronavirus, and on how effective the cryptocurrency will be in the fight against inflation in the global economic crisis, which may soon come.

[Cisco]

I don't remember when was the last time ETH had the price of over USD 500. However with the implement of PoS, I believe USD 500 milestone can be re-reached.

[trauchot]

It is difficult to say, but we have all been waiting for a long time for the growth of the cryptocurrency market and new heights, so maybe this year ethereum will be able to show growth closer to the bitcoin halving, so we need to wait and follow the actions of the cryptocurrency market.

[tervel]

 The price predictions of analysts are extremely positive. Some of them even predict the price of $350 by the end of this year. ETH will test new heights only if bitcoin price will go up.

[Bobcrypto]

I personally don't think that Ethereum will double it's price by the end of the year because Ether has not shown any serious price pump just the Bitcoin. I also think that Ethereum may not reach $370 this year but hopefully, ether will make very good impact by the end of the year.

[Master107]

I'm pretty sure Ethereum can go beyond $540 in case there will have a massive bullrun. Eth is potential and great coin that also dreamed by many of us. And almost crypto people use some of its platform coverage.

I don't remember when was the last time ETH had the price of over USD 500. However with the implement of PoS, I believe USD 500 milestone can be re-reached.

I think better search the highest price of ethereum and be surprise.🙂

[Istiak]

Yes, I think it's possible. Many pro traders think that BTC price will be increased after the next BTC halving. Also not only that Ethereum also releasing their another version of Ethereum 2.0 which can be a very good reason for the price jump of ETH. I think Eth price can go more than double. Let's see how market will react.

[tonymillions84]

What drives ETH price in the market is the exchange trading pairs with other currencies. Just like XRP and tron. far from that. i don't think their is any other means that is responsible for ethereum price movement.  cryptocurrencies is currently been promoted by people are only interested in it. the use-case is limited.

[Andruha1993]

I think he can double in price. To do this, we still need a little time. It seems to me that in summer the price will begin to grow quietly and will already be $ 300.

[bigcash2011]

Although it dropped again after your post but i am sure that eth will perform well. Do not forget eth 2.0 is launching soon as well. By year end i want too see eth at atleat 500 but i know it has potential for 1k as well.

[Cryptoz]

With Corona still spreading around the world and it is not over yet, I don't think the price of Ethereum will be doubled this year. I think the price can rise but not really high. Most crypto coins are also in the same condition, they are hard to increase because the market isn't in good shape.

[CryptoAddict]

Nothing is impossible based on the volatility that characterized digital assets. ETH might double in price but all are just mere speculation. You could have enjoyed some relaxation if you trade on KoinPro platform where you extremely minimize your risk

[ShadowCrypto]

Everythign is possible, but in this currenct market situation I don't think it will happen, maybe next when when things astarts going back normal, or I can be wrong.

[Bobcrypto]

I didn't think you are wrong, even before the coming of the corona virus pandemic, the price of ether has not shown any good performance in the market, it has been unstable generally.
I personally think ether will pump during the bull run, during Bitcoin halving peroid, but may not double or $550 even at the end of 2020. This my opinion.