As of January 10th 2018, the price of Ethereum (ETH) has reached an all time high of $1,417.38 according to CoinDesk, or $1,402.87 according to CoinMarketCap. This is a milestone achievement for the coin and the technology, and suggests that Ethereum has a bright future as we head into 2018.
Ethereum’s rise in price comes as a shock considering how most other cryptocurrencies are currently on a dip or correction due to worries that South Korea may ban crypto exchanges. While most coins were lowering, Ethereum soared in price. One particular coin to drop in price was Ripple (XRP) which had only recently been valued as having the second largest market cap in relation to all other coins; with Bitcoin (BTC) having the number one largest market cap. Due to Ripple’s dip in price, Ethereum was able to knock it off its spot and reclaim its status of second largest.
The rise in price could be due to investors and traders evaluating Ethereum higher than before; possibly because of how many tokens are utilising the technology. Tokens like Bounty0x (BNTY), Dent (DENT), Tron (TRX), and FunFair (FUN) which all run on the Ethereum network have seen significant rises in price as well as impressive partnerships and programming milestones. Speculators have long argued that any positive news for Ethereum tokens is positive news for Ethereum itself; and this news may be manifesting itself in the form of price rises.
During this period in time, Bitcoin has been lowering in price, leading some to call for a ‘flippening’: the act of trading in one coin (Bitcoin) for another (Ethereum) as one is considered a more lucrative investment. Bitcoin’s long transactions times and high transaction fees is one of the reasons why people are leaving it in droves. There is also an increasing group of individuals who are leaving Proof of Work (or mineable) coins behind as they are a huge strain on the environment. While Ethereum does also utilise mining there has been word that it may take a more environmentally friendly route in the future, such as Proof of Stake.