Is Ethereum Over Bought?
Some news is coming out as Ethereum crosses into $1,000 per coin that it is over bought.
But is it really?
Lets take a look into some things that make me feel Ethereum should be crossing $2,400 in no time.
1. Ethereum is going to POS soon
POW is going out the window and POS will be taking place for Ethereum this year.
What does that mean?
The more ETH you hold in your wallet the better chance you have of earning more by being randomly selected to process a transaction. This is called POS (Proof of stake)
This will make owning ETH that much more popular to want to have more in your account.
2. Ethereums Market Cap Just 100 billion
ETH has a long way to go still with Bitcoin being worth 251 billion thats 150X Ethereum should go as it becomes more adopted. It does process about 5x more transactions then BTC (Sorry you BHC fans but BHC is a dead duck in my opinion)
With ETH hitting a market cap of 251 Billion and higher we would see values per coin at about $2,400 per coin.
3. Continued Advancments
ETH went though a successful fork last year that did not end up in a fork. Good news it means they can do it again and again and again now and continue to grow and evolve their block chain. This is a serious group of developers that is decentralized unlike Ripple.
Ethereum is already processing more transactions than bitcoin, and the fees are much cheaper and confirmations much quicker. $1000 may seem high these days, but when you consider the market cap is just 100 billion, the room for further growth is enormous.
ETH is wayyyy undervalued. Your points make that evident. Plus, I still think that ETH can hit 2,000 USD by end of year hands-down.
Ripple on the other hand is overbought, but you know, it's going to still go up just cause in newbie's eyes, it's the cheapest popular option.
I hope thats true, i personally have some ETH coins and it have being doing great. But im not so certain about it's long term future (hope it keeps growing this year like you say :)).
Biut when i heard from Dan Larimer (creator of Steem), talking about the incapcity of Etherium to really hold to a world's demands... i rather chose EOS... that machine was built like Steemit, to satisfy World's demand with no probs.
I think Ethereum is done already. Ethereum holders are lucky if they get the current Etherium price for their coins.For Ethereum holders, Its a great time to sell Ethereum and buy ADA.
You meant BCH right, not BHC? (bitcoin cash)
Your theories make sense regarding POS, but WHEN will it happen exactly, which month?
We think Ethereum will need to prove its ecosystem can produce something valuable other than ether. So which appcoin/apptoken/altcoin based on Ether is going to show Etherians the light?
I defiantly agree that (in the long run) ETH could have a long way to rise, especially if/when smart contracts get utilized. I personally don't think that 1k a coin is overpriced, with Bitcoin around 15k.
Sure, we had another run up past $1,000. And should expect another healthy pull back in the 40-50% area from last support. That would be a healthy and normal price action. In my opinion a pull back to $925 or so is just a buy signal. $2,000 by early March is a no brainer here. Here comes Casper!
Thank you @bitcoinflood for you insight. I concur. Sitting on my hands on ETH and almost added on yesterdays dip. Imagine the possibilities with ETH (and even more so with Steem).
ETH needs recapture second place of market capitalisation rate from ripple