Ethereum is back at it and up more than 10% according to Coinmarketcap. Just few weeks ago the price of ETH had fallen to as low as $793. Four days before that the price of ETH was at the record high of $1432. Just a little volatile isn’t it?
Now, as Ethereum is back at the 2nd place after Bitcoin by market cap it is definitely capturing a lot of attention around the world. The annual Davos economic forum also discussed Ethereum is a significant cryptocurrency. The cryptocurrency enthusiasts are actually trying to find out whether the attention which it is receiving at the economic forum would actually be able to increase the price of Ethereum. As compared to other cryptocurrencies, Ethereum is actually much more versatile and can be used in a wide variety of other applications.
Davos might have a huge impact on Ethereum and blockchain in general.
Davos is gathering of some of the wealthiest people in the world. Therefore, discussions are going on about Ethereum at this forum, it will surely mean that more and more companies can think about investing in Ethereum which has the potential to increase the value of Ethereum. This is one of the main reasons why investors are hoping that it would rub off on the Ethereum price.
At the same point in time, the views are not entirely positive. According to the CEO of the International monetary fund, Christine Lagarde, owing to the lack of anonymity as well as lack of transparency, cryptocurrencies usage in the mainstream economy is not actually advised.
On the other hand, there have been quite a few private meetings as well pertaining to this cryptocurrency. Since it is a gathering of the wealthiest people in the world, you can be sure that even if a few companies make up their mind to invest in this cryptocurrency, the value of this cryptocurrency would increase significantly.
Investors, however, are trying to figure out if there would be a shorter term positive impact. Most likely, there would not be any shorter term positive impact. This is the reason that it has stayed stable in spite of this news coming out as well. In the future, however, if it is able to gather significant investors, it would be easier for the cryptocurrency to breach the earlier highs as well. It is currently the 2nd most valued cryptocurrency and can increase the value of Ethereum as well.
With that being said, it is up to the time or as the investor to decide whether now is the right time to invest in Ethereum or whether one should wait for it to fall further and thereafter think about investing in Ethereum.
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