An Ethereum price high is expected in 2020, and the chances of ETH rising to $480 just rose to 7%. What’s buzzing and pending for this token is the ETH 2.0 upgrade which is scheduled for July and according to many, this could propel the price of ETH to new heights of near $500 if all plays out well.
The ETH news show that the cryptocurrency will soon transition from a proof-of-work (PoW) algorithm to a proof-of-stake (PoS) one. This major protocol upgrade which is scheduled for the third quarter this year (Q3 of 2020) will transform the crypto-economic incentives around validating transactions.
In fact, people holding ETH will be rewarded for their contribution to maintain this network secure. For all we know, this could be one of the reasons why some Ethereum whales have been enjoying the changing price of the coin in order to grow their positions. As data from Santiment shows, an Ethereum price high for 2020 could form in the higher zone as miners collectively increased their balance by 15,000 ETH throughout the past couple of weeks.
Meanwhile, we can see that the number of addresses holding 100,000 to 1,000,000 ETH surged by around 5% since the beginning of this month. Currently, there are 160 addresses which hold between $23 million and $230 million worth of Ethereum, which is the highest number that has ever been recorded.
Obviously, there is some speculation mounting around the ETH 2.0 launch where the decentralized finance (DeFi) applications running on top of this protocol have stolen the spotlight of the crypto market. As we can see, the substantial growth of these projects could seriously imply the price of ETH.
Therefore, an Ethereum price high for 2020 is something many bet on to be near $400 or $500, and the crypto derivatives analytics provider Skew recently affirmed that the leading blockchain and second largest coin by market cap could double in price.
Probability of ether > $480 (+100%) by End of Year = 7%
Stable coins and DeFi seems like a more sustainable product / market fit for Ethereum compared to ICOs in 2017 but the market doesn't see it (yet?) necessarily as adding as much $ value for ether pic.twitter.com/CCDh0fnfTA
— skew (@skewdotcom) June 22, 2020
The firm also shared that the stablecoins and DeFi tokens that are running on top of Ethereum appear to have a “more sustainable product” and a great market fit. Compared to the initial coin offerings (ICOs) from 2017, these projects may be able to add a bit more value in the long-term to the smart contracts giant, data from Skew in the crypto news today shows.
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