The Etherium price will, according to an expert in art technology, reach $500 by the end of 2018.
This despite falls over the past year that saw the world’s second largest cryptocurrency drop from an all-time high of $1,185 in January to its current price of $203.
“Ethereum’s price has been in bear territory for a few weeks, with prices declining dramatically,” said Ian Mcleod, from the world’s leading art-tech agency, Thomas Crown Art.
“But it can be expected there will be a trend reversal between now and the end of the year. Once back in bull territory, there will be a dramatic upswing with considerable gains.
“It would be reasonable to believe that Ethereum will hit $500 by the end of 2018 and go on an overall upward trajectory throughout 2019.”
The role of art in Etherium price rises
Mcleod argues that this rise will be in part fuelled by the growing adoption of blockchain technology by sectors including art, real estate and anqitues, which see Etherium as an appearing choice due to its “superior blockchain technology”.
“Not only is Ethereum a fundamentally strong digital asset, its blockchain provides workable, tangible solutions for many sectors, it solves problems, and enhances existing systems,” he said.
He gives his own company, which uses blockchain to fight art fraught and enables paintings to be used as a cryptocurrency wallet, as an example of how these industries are embracing the technology.
“The art world is likely to be one of the biggest adopters as blockchain can authenticate artwork,” he said.
“It’s an ideal use-case for distributed ledger technology as it offers the ability to store a permanent, immutable record of artwork at the point of creation which can be used to authenticate registered works by any party.”
Etherium to beat Bitcoin
While Etherium is currently playing second fiddle to cyptocurrency leader Bitcoin, Mcleod does not believe this will remain the case in the long-term. Speaking last month, he predicted that Etherium would be increasingly favoured as such technologies saw their use increase.
“We can expect Bitcoin to lose 50% of its cryptocurrency market share to Ethereum, its nearest rival, within five years,” he said.
“Ethereum is already light years ahead of Bitcoin in everything but price – and this gap will become increasingly apparent as more and more investors jump into crypto.”