Whats affecting the price of Ethereum today?
Whats affecting the price of Ethereum today
Ethereum in under one year has asserted itself as a fundamental coin for the cryptocurrency ecosystem. Leaned on for its significance in the initial coin offering (ICO) space, Ethereum quickly rose to become the second largest coin on the market.
From under $10 Ethereum to explode to over $1,385 in early January. Volatility can always create opportunities, and anyone keeping their eye on trading Ethereum should pay attention to several factors affecting its price.
Not only through speculative actions that the price of Ethereum is governed, but also by mining profitability. The profit levels At the current price level, obtained by mining Ethereum with a mid-to-top end graphics card correlate to approximately $80 per month (which would be a roughly 700 percent return on the cost of electricity for mining).
Giving miners a strong incentive to sell at higher price levels when the price level of Ethereum is between $300 and $400, the profitability is considerably higher. As more and more miners jump on the trend, the tricky nature of mining is evolving. Additionally, individuals are now witnessing talks about NVIDIA (Nvidia Corporation is an American technology company incorporated in Delaware and based in Santa Clara, California.) putting forward ideas of GPUs specifically designed for the mining of crypto, meaning everybody is picking up mid-range GPUs to mine ETH.
There was a decline in investment because of the aggregate effect of regulators, and those that did would have pulled out as soon as they could.
For one, China has caused the drop in markets in previous years. For example, when payment companies were banned by the People’s Bank of China from working with the bitcoin exchanges in 2013, an immediate dip in fortunes was seen in the market.
The market for Cryptocurrency trading saw important diversification when China banned initial coin offerings (ICOs) and made moves to shut down crypto exchanges in the country; Markets were able to recover at a much greater pace due to this diversity.
It’s difficult to say if Ethereum in H2 2018 will see a surge in prices as it did last year.
The coin has a lot going for it, including its upgrade to a Proof-of-Stake network. Security and scalability on the Ethereum network will improve with the help of the so-called Casper software update, which could kindle a resurgence in its price. Thus only time will tell however as right now future prices are anyone’s guess.