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Reasons why Ethereum looks poised to skyrocket soon!!
The crypto currency’s increased market cap is mainly due to its appreciation in price, which has already touched it’s previous ATH of $1417 on Jan 19 this year, however now ETH is struggling to cross that price level with resistance at 1400$.
We are aware that institutional investors took into investing in Bitcoin, which was a major reason for the price of Bitcoin to touch as high as 40,000$. Now, they will start investing in Ethereum too. Ethereum platform, despite its scalability issues, has a head start compared to other emerging scalable and interporable layer 1 blockchain projects that are emerging as competitors to the Ethereum platform.
One must remember that Bitcoin and Ethereum are certified by the US Securities Exchange and Commission(SEC) as cryptocurrencies and not securities.Therefore US institutional investors would not hesitate to invest in these asset classes, as they can be sure that its accepted as a legitimate crypto asset class by the US regularly authorities.
I heard that a major catalyst for Bitcoin’s price to pick up to bubble heights in 2017 was the launch of Bitcoin Futures by Chicago Mercantile Exchange (CME), maybe that same phenomenon will happen with Ethereum, to drive its price to high levels like perhaps 10,000$.
Meanwhile, there is a shortage in the supply of Ethereum, because lots of ETH are locked in the Beacon chain for staking. Therefore if high demand for Ethereum happens, considering institutional appetite for investing is generally far higher than that of us tiny retail crypto investors, then the price of a Ethereum coin could shoot up.
There is news of layer 2 solutions in the implementation stage by Dexs like Synthetix and Uniswap, which would increase the scalability and reduce fees of transacting in these dexs that are using the Ethereum Blockchain. So, exciting things are happening for the further development of the Ethereum Blockchain, which sets good fundamentals for the Ethereum price to skyrocket and soar
Please note this article is not investment advise and I am no financial expert, please do your research before investing and take responsibility for your investment decisions.