Earlier last month, the price of ethereum went below $250 which was the value it had last around Nov 2017. That made a lot of people to think that an end has come to ethereum.
However, some of the reasons why the value of ethereum will come up higher are:
1) Consideration for the adoption of reward reduction in the EIP1234 Block rule: one of the factors that increases the market value of a coin is not only its trading volume but also its amount in circulation. The lower the number of coins in circulation, the higher will it’s price rise as a result of increase in demand.
This rule ensures that one is rewarded with 3 Ethereum for each block it mines. However, in a recent conference, it was agreed that this be reduced to 2 ETH. This will improve the mining rate since it’s “difficulty bomb” will be reduced.
2) Considerable activities within the Bitcoin blockchain: the closest coin that reacts to change in the price of bitcoin is ethereum. Aside tether(USDT), ethereum has a trading volume and dominance close to Bitcoin. So, as the price of Bitcoin is presently increasing, it should be expected that ethereum price will react to it.
3) Present agitation for the Full formation of dogethereum: the price of dogecoin is pushing to a higher height that many did not expect soon. At present, it has increased by more than 45% in the last 24 hours.
There is an agreement within the dogecoin community that it the split of the coin into DogX should be abandoned. This has made the trading volume of dogecoin to increase which has increased it’s market price.
4) Considerable increase in its developers:
The number of blockchain developers that are attracted into the ethereum platform is increasing as a result of the availability of free courses online to study the programming language Solidity, which is behind the operations of the ethereum network.
The post Possible Factors that Might soon Push Ethereum to higher values appeared first on ZyCrypto.