Adam Todd, CEO of Digitex Futures has predicted that Ethereum price could hit its all-time high by the end of 2019. He is convinced that not only will it easily blast through its Jan 2018 price of $1397 but that it could easily reach $2,000 by the end of the year.
In his opinion, ETH price is being manipulated down by a lot of people, so that once the manipulation ends, it can forge ahead to higher levels. “Let’s not forget that there are plenty of parties with interest in seeing Ethereum’s price in the gutter,” Todd advised.
At the current bull run, Ether is trading around $260, and it suffered more than most coins throughout the crypto winter. It started 2018 with all guns blazing, reaching its highest ever peak of $1397 on January 14. By the end of the year, however, the bruised and battered creation Vitalik Buterin had tanked to just over $100–a 93% loss over only 12 months. In an interview with QBITtimes, Todd attributed the decline in value of ETH to various circumstances.
Todd maintains that Ethereum was dogged by scaling issues thrown up by CryptoKitties at the end of 2017, and Vitalik had to go to sleep dreaming of ways to scale the network. Anyone who had an ether for every time they heard that Ethereum doesn’t scale would be a substantial bag holder by now.
“Beyond the focus on sharding, Plasma, zKSnarks, and a handful of other solutions, the network has yet to get the scaling issue under control. Ethereum has no choice but to scale for all the Dapps on its network to catch on and attract more users. If it doesn’t, its value could realistically go to zero and other solutions would overtake it. But that’s not going to happen.”
According to Todd, Plasma is the solution to scaling, but many people don’t realize how advanced it is, but it’s already achieving blazing fast transactions at 25,000 TPS using a side chain.
Manipulation of ETH
Todd declared that “The price is artificially low now because various vested parties had an interest in sending it down.” Suggesting that Ethereum was subjected to ICO dumping, Pointing accusing fingers at EOS in particular, he insisted that the platform had a big hand in crashing the price. He claimed that they raised money in Ether and then dumped it on purpose.
Back End of Quarter of Coins
“Just consider this,” says Todd, “Ethereum is the backend of more than a quarter of all coins. When cryptocurrency really gets the next big wave of adoption, which is probably going to come this year and next year, the fact that Ethereum is the back end for those will give its price a boost.”
Going further, he stated that there are already 200,000 developers with a robust community and brilliant people working on Ethereum.