In this article we will talk about the future of one of the most important projects in the cryptocurrency industry. At the time, Ethereum played a big role in cryptocurrency popularization. In this article we will discuss the current situation, future prospects and forecasts for future. So let’s get started.
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- Brief overview of the current situation
- Large update or what is Ethereum 2.0?
- Experts opinion and forecast for 2019
The whole cryptocurrency market is currently experiencing not the best times. Over the past few days, its total capitalization has fallen by more than $30 billion. And there were changes in the first three of leaders: Ripple took the second place, having overtaken Ethereum more than in 3 billion dollars. The rate of ETH is now 103 dollars, according to CoinMarketCap.
Such a rapid decline is indirectly connected with recent events, namely the hard fork of Bitcoin Cash. We want to remind you, that on November 15, 2018, the BCH blockchain was divided into two chains: BCHABC and BCHSV. You probably wonder, how these events can be interconnected? The fact is that the community of already defunct Bitcoin Cash coin was divided not peacefully. Craig Wright (BCHSV supporter) threatened Roger Ver (BCHABC supporter) with real war. Now both sides need to acquire as much computing power as possible. For this, they need the available funds which they have in the cryptocurrency. Accordingly, they sell their coins to buy mining equipment, which leads to such a drop in rates.
Ethereum has long been surrounded by not the best news background, plus there is a general decline on the market, these all cause such a rapid ETH rate collapse.
It’s no secret that Vitalik Buterin’s platform is far from ideal, and it has a fair amount of drawbacks: inflation, scalability, throughput, etc. All these factors hinder the project development. Buterin himself and his numerous development team have repeatedly said that the work on large-scale updating of the Ethereum platform is in full swing. But no specifics were cited. And finally, at the Devcon4 conference, which was held in Prague in early November of this year, Buterin made an official statement about the upcoming release of Ethereum 2.0.
What will the updated Ethereum be like? In short, we will finally see the activation of Casper and the long-awaited transition to the Proof-of-Stake consensus algorithm, the EWASM update (virtual machine) and much more. After successful implementation of all these innovations, the network of the Ethereum will be able to process more than 1,000 transactions per second (now this mark is 17), and will also become more secure and energy-intensive.
Analysts opinions, as usually, are uncertain: some believe that the project has a great and bright future, others, on the contrary, are confident that rapidly developing competitors (such as EOS, for example) will be able to push Ethereum from the top of CoinMarketCap.
Now the future of the project directly depends on the upcoming network update. If the development team copes with the task, then Ethereum is likely to succeed.
If we talk about an experts forecasts about the price of Ethereum in 2019, it will be pertinently to recall the thoughts of the famous Wall Street analyst Tom Lee. By his opinion, the rate of Ethereum can reach $1,900 in 2019. His forecast is based on historical data, he believes that eth will be able to overcome its historical maximum by approximately 40%.
The Ethereum project has long been the “second locomotive” in the cryptocurrency market. The current news background, as well as the general rhetoric addressed to this project, is extremely negative. But in the face of all, Vitalik Buterin made a long-awaited statement about the upcoming release of Ethereum 2.0. The future of the project directly depends on the successful implementation of this update. We can only wish a good luck to the development team and keep track of further development of events.
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