E L Emerson
Here’s the latest Ethereum excerpt from HNW’s Altcoin Top 25 weekly update, where we chart the performance of the leading coins, give you insights into what makes each one valuable, and look at trends, trading ranges and when to buy and sell.
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Sunday Price Range
$1,050 to $1,150
High $1,370 (15 Jan) | Low $800 (17 Jan)
$1,350 on 14 Jan 2017
$300 + up since the mid-week low
Ethereum’s price has risen from $750 up to the current $1,080 since 1st January, while seeing significant volatility. Price action has ranged between its all-time high and a low of about $800 earlier this week; presumably in response to market news about Korean exchanges being closed and negative cryptocurrency sentiment form Wall Street. Perspective, however, tells us that Ethereum has gone up 10,000% over the last year in what has been a period of remarkable gains for the altcoin sector.
What’s important to remember here is how complementary Ethereum is to Bitcoin in the cryptocurrency world, beyond even their roles as gateways to altcoin trading.
Bitcoin offers one particular application of blockchain technology; a peer-to-peer electronic cash system that enables online Bitcoin payments, and whose blockchain is used to track digital currency ownership.
The Ethereum blockchain focuses on running the programming code of any decentralized application, featuring smart contract (scripting) functionality, and a decentralised Ethereum Virtual Machine (EVM) that can execute these scripts using an international network of public nodes.
To clarify, the term “smart contract” simply describes computer code that can facilitate the exchange of money, content, property, shares, or anything of value, and cannot be subjected to the vulnerabilities of censorship, downtime, fraud or third party interference.
And that’s the key point here.
Assessing the future performance of a cryptocurrency, as details beyond websites suggesting the global domination and transformation, are hard to come by.
What’s easier to see is if the technology behind the coin can be used as a solution for a customer problem or drive competitive advantage. With Ethereum that seems at least at this stage an obvious “yes.” And the market is buying it.
Buy & Hold – The ideal buy price range is $700 to $800.
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