Investors remain bullish on Ethereum, price expected to break $1,000

With Bitcoin’s price on a roller coaster ride, it’s no surprise that Ethereum (ETH) would follow suit. Recent developments suggest that Bitcoin may be heading for a bear market, as predicted by Goldman Sachs. Despite the price drop from $3,000 to $2,500 (around $2,700 at press time), Bitcoin looks set to stabilize for a while.

Subsequently, some cryptocurrency experts predicted that Ethereum could surpass Bitcoin.

Distracting attention

There are various reasons why investors are turning their attention to Ethereum right now.

First, Ethereum is showing some signs of replacing Bitcoin. Olaf Carlson Wee, CEO of Polychain Capital, said in an interview that investors may see Ethereum surpass Bitcoin as early as 2018.

Although Bitcoin has reached a record high of $3,000, the discussion about Ethereum reaching $1,000 has never stopped. Given that most people missed the rise of Bitcoin, the next cryptocurrency is Ethereum, which is currently receiving the most attention.

Finally, autonomy is a driving factor for cryptocurrencies: taking money from financial institutions and putting it into the hands of individuals. Since blockchain relies entirely on peer-to-peer transactions without going through traditional financial institutions, many people in Asia (especially South Korea) and the Middle East are taking advantage of the decentralized nature of blockchain technology.

Long-term investment

As the Ethereum price chart moves forward, perhaps there will be some troughs.

However, from a long-term development perspective, Ethereum is still worth investing in.

Once Ethereum reaches the $1,000 mark, will Bitcoin react and rise?

Investors who bought Ethereum now at $700 may start selling for short-term profits, but Ethereum looks like a better long-term investment.

Despite Ethereum’s rapid growth, it might be wise to invest before it reaches $750: price growth thereafter will be more uncertain.