The price of ether rose a meteoric 65% in April to touch $80, but already analysts are predicting that the digital token could pass $100 – and soon.
In remarks to Rices Avenue, cryptocurrency hedge fund managers were perhaps the most bullish about this projection, stating that they believe it will hit this mark in coming trading sessions. Opened to the market in 2015, ether tokens, which power the ethereum blockchain, are up 2,800% from their original sale price during a fundraiser for the platform.
"I told my head trader two days ago that ether was going to hit $100, and probably hold there for a while," Tim Enneking, manager of Crypto Currency Fund, told us.
Arthur Hayes, operator of the cryptocurrency derivatives exchange BitMEX, agreed, predicting that ether's "massive bull run" will likely end with its price reaching $100, though he believe active traders will likely take profits and reassess the asset at this point.
Still, not everyone believes that ether's price movements are worthy of the spotlight.
Jacob Eliosoff, an algorithmic trader, pointed to what he called the "general hysteria" around the market for publicly traded cryptographic assets. (Data from Coinmarketcap reveals the total market added $11bn in April, compared to just $3.6bn in March.)
Such a development points to a broader narrative that suggests as bitcoin's price gains become more narrow, traders are seeking profit elsewhere.
Eliosoff told us:
"When ether is barely outperforming dogecoin, it's a strong sign that ethereum itself is not the real story here."
Indeed, the price of tokens on the dogecoin blockchain has risen 133% over the last month, though dogecoin, founded as a joke project, has seen less institutional or developer traction.
Other respondents pointed to the general trend of positivity around the ethereum platform as the reason for ether's gains. Ethereum has of late become the subject of interest of institutions including Bank of America and JP Morgan, as well as a budding ecosystem of decentralized applications that use the blockchain for automated operations.
The result, according to Eliosoff, is that there is a growing belief ethereum will be among the platforms that prevail when market fervor settles.
"I give ether a good chance of being among the keepers."