When you take a very basic look at top cryptocurrency tickers, you see that while Bitcoin remains under $4000, Ethereum as a runner-up is very healthy over the hundred-dollar mark that had investors so worried just last month.
Around the time the turkeys were going in for Thanksgiving, ETH dipped into that scary chasm below the hundred-dollar mark. As December progressed, it sunk down to around $80.
However, one week before Christmas, if ETH stood back at 100 and it’s been steadily climbing ever since. On Christmas Eve day, prior to an enormous jump, it stood around $133, and then spiked up to $160 – at press time, ETH is back in the $130s, but that’s really not a bad place to be at all, especially if you consider that this is roughly double that price low that investors saw just a week ago.
Some analysts anticipated that this week we would still be talking about whether Ethereum could break $100 or not. That’s not the case.
There are more long-term rosy reports for ETH (and related altcoins) from BitMex CEO Arthur Hayes, who theorizes that future ICOs will build Ethereum up higher.
According to reporting at Cointelegraph, Hayes said today that ETH will “quickly test $200” in a rebounded ICO market.
“The use case for Ether is primarily ICOs. That market is dead right now,” Hayes reportedly said today. “Once there are new issues, then Ether will rebound aggressively. When the ICO market returns, Ether will quickly test $200. The timing of the ICO rebirth is 12 to 18 months out.”
Covering these remarks, writer William Suberg noted the remarkable gains of a theory him short-term while also noting its precipitous decline over the year
“Hayes made the comments following a now rare day of stability across cryptocurrency markets, with ETH/USD staying range bound within 1 percent of $129 after doubling in a week,” Suberg wrote. “One of the top performers in the short term, the once-largest altcoin has seen losses of over 90 percent in 2018.”
Continuing his remarks, Suberg reported the investment guru called security tokens and stablecoins “attractive sirens for investors in 2019.”
Hayes also provided a kind of emotional portrait of a distressed investor wanting to jump ship on traditional markets and put money somewhere that they can see gains.
“While their fundamental raison d’etre is flawed, investors in this time of pain will latch onto anything they believe will be their ticket to easy riches.”
For right now, let’s look short-term for ETH to keep its lead on prior low prices