The Art World May Be Responsible for Helping ETH Attain $500
It seems art is expected to be a major reason for the prices of ETH to increase this year. A business analyst/technology expert confirmed that the value of the cryptocurrency could be as high as $500 as 2018 comes to an end.
These revelations come from Ian Mcleod, who co-founded Thomas Crown Art, a top art-tech organization worldwide, with famed art dealer Stephen Howes. His predictions come at the same time the second leading cryptocurrency was unsuccessful in breaking resistance of $208 - $210 vis-a-vis the American dollar.
Mcleod observed that ETH prices have been within the bear region for a while as values are continuing to drop fast. However, he expects this trend to change before the year ends. Once the prices reaches bull territory, an impressive improvement in prices should cause extensive benefits which will follow. ETH prices could rise to reach $500 and continue to do so continuously during 2019.
Art Organizations Adopting Crypto Technology
The expected rise in prices will happen because there are a lot of sectors that continue to use ETH along with the exceptional blockchain tech; real estate industries, financial markets, and antiques are among these sectors.
Art organizations are expected to be major adopters of blockchain technology because it can be used to validate artwork. This is a perfect application of distributed ledger as it allows storage of fixed records for the artwork once it is created, which allows any involved party to authenticate it easily.
Moreover, ETH is a powerful asset with blockchain tech that gives users real, concrete solutions across various sectors. Any problems are efficiently solved and current systems improved.
Mcleod also predicted that during the next five years, Bitcoin will lose 50% of its market share to the closest rival, ETH. He sees that ETH is already way ahead when compared to bitcoin, except when comparing prices. As new investors continue to embrace crypto, this gap is expected to be more visible.