Ethereum, the world’s second-largest cryptocurrency by market value, is a buy, say analysts at investment bank Goldman Sachs.
In a note to clients Monday, the Goldman analysts said they expect ethereum to benefit from growing interest from central banks and corporations in using the cryptocurrency and its underlying blockchain technology.
“We believe Ethereum is benefiting from three distinct tailwinds: 1) a structural change in the cryptocurrency industry as crypto assets become more institutionalized; 2) a broadening set of use cases for Ethereum’s decentralized platform; 3) and technical improvements to Ethereum’s blockchain network,” the analysts wrote.
The price of ether, the native cryptocurrency of the Ethereum blockchain, has surged more than 400% this year as corporations and financial institutions have shown increasing interest in using Ethereum’s blockchain to build new applications.
NOTE: WARNING: Ethereum is a volatile asset and its value can fluctuate drastically. As such, it is not advisable to buy or sell Ethereum without thoroughly researching the current market conditions and understanding the associated risks. Additionally, investors should be aware that investing in cryptocurrency carries a high degree of risk and caution should be taken when considering any investment decision.
The Goldman analysts said they expect central banks will also eventually start using Ethereum’s blockchain to issue digital currencies. The European Central Bank is already studying the possibility of issuing a digital euro.
The Goldman note comes as bitcoin, the world’s largest cryptocurrency, has slumped more than 20% from its all-time high above $65,000 reached earlier this month. Bitcoin fell below $50,000 on Sunday and was trading at $51,567 Monday morning, according to CoinDesk.
Despite bitcoin’s recent pullback, the Goldman analysts said they remain bullish on the long-term prospects for both bitcoin and Ethereum. They expect both cryptocurrencies to continue to benefit from growing interest from institutional investors.
“We believe cryptocurrencies have entered a new phase of maturity with an influx of institutional investors seeking exposure to bitcoin and ethereum as digital gold and digital oil (i.e., store of value and transactional asset, respectively),” the analysts wrote.
In conclusion, Ethereum is a buy according to analysts at investment bank Goldman Sachs. They say that it will benefit from structural changes in the cryptocurrency industry, a broadening set of use cases for its decentralized platform, and technical improvements to its blockchain network.
8 Related Question Answers Found
Bitcoin, the first and most well-known cryptocurrency, has captured the public’s imagination and remains the dominant coin in the digital currency space. But Ethereum, the second-largest cryptocurrency by market capitalization, is gaining ground rapidly. Launched in 2015, Ethereum differs from Bitcoin in several key ways.
As of late, Ethereum has been receiving a lot of attention in the cryptocurrency world. And for good reason! Ethereum is the second most popular cryptocurrency by market capitalization, right behind Bitcoin.
When it comes to cryptocurrency, Ethereum is one of the most popular platforms available. Its popularity is due to its functionality, as it offers smart contracts and decentralized applications (dApps). This makes it a very appealing investment for those looking to get involved in the cryptocurrency space.
When it comes to investing in cryptocurrency, there are a lot of options to choose from. But if you’re looking for a solid investment that has the potential to bring in a lot of profit, you can’t go wrong with Ethereum. Ethereum is one of the most popular cryptocurrencies on the market today, and for good reason.
When it comes to cryptocurrency, there are a lot of different options out there. You’ve got Bitcoin, Litecoin, Ethereum, and a slew of others. So, what’s the difference between them?
There is no simple answer to whether Ethereum is a buy right now. Ethereum, like any investment, carries with it a certain amount of risk. However, Ethereum also has the potential to offer investors a high return on investment.
In the past year, Ethereum has seen incredible growth. The value of Ethereum has gone up from $8 in January 2017 to over $1,000 in January 2018. This growth has led many people to ask the question, “Is Ethereum a good trade?”
There are a few factors to consider when answering this question.
When it comes to cryptocurrency, there is no shortage of options to choose from. With so many different coins and tokens available, it can be difficult to decide which ones are worth investing in. However, there are a few standouts that have proven to be popular and successful over the years, and Ethereum is one of them.
