The current price situation of the second biggest crypto by market cap seems to be standing at $128, being in a significant downtrend for the past few months. 2019 has been the worst year for Ethereum as the crypto started around the same price level as it is now so let’s check the price analysis in the ETH news below.
The digital asset has experienced a huge bull run up to $364 only about 6 months later but eventually crashed down to $128 and to a 2019-low of $116 only seven days ago. Ethereum also lost a lot of its strength recently as Ethereum 2.0 upgrades have also been delayed and a huge sum of the coins has been stolen recently. The PlusToken Scam has also been one of the biggest scams in the history of the market as the scammer moved more than $105 million worth of ETH coins which is a move that created a lot of uncertainty among the investors. This was also one of the main factors that make Ethereum weak.
Ethereum was under a lot of selling pressure lately but it is always crucial to see at a longer time frame to really get an accurate idea of where the asset will be headed next. The current price situation is only a result of the increasing trading volume back in 2016 and the harsh crypto winter throughout 2017. The digital asset experienced a bull run back in 2017 alongside the rest of the market and ETH was trading lower than $8 in 2017 but eventually picked itself up at $1,424 one year later. This was a 16,700 percent increase so it doesn’t really come as a surprise that ETH had a huge crash afterward. The Ethereum’s price is still 1,500% higher than it was in 2017.
If you take a look at the numbers, Ethereum has a circulating supply of 109 million ETH and a market cap of $14 billion at $128 each coin so if one coin was worth $10,000 the current market cap could reach 1.09 trillion. The numbers do sound high but it isn’t that strange once you take in count that ethereum is a global currency. In theory, Ethereum could hit $10,000 but there’s not much value left behind the coin as some of the analysts claim.
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