One of the catalysts that could move Ethereum’s price higher relates to Augur. It’s one of the oldest ICOs, and has been in development for about two or three years, Kelly said.
Augur may be one of the catalysts which could raise the prices for Ethereum as it has been one of the oldest ICOs which is in development in about two to three years.
“It’s a decentralized prediction market. What’s interesting about this [is that] this will probably be one of the biggest decentralized apps on top of Ethereum. If [Augur] doesn’t slow the system down, that can generally be a positive for Ethereum,” said Brian Kelly, the Bitcoin guru.
But in recent reports, Augur suffered a downfall in its prices with the launch of its distributed app in the Ethereum network as it was the product’s nature to cause troubles.
Rescue from the future
The U.S. Securities and Exchange Commission announced last week tighten the securities for Ethereum and Bitcoin as it clarified that they both are indeed not some type of security. Through this explanation, a way for the future of Ethereums has been made.
According to Kelly, the president of Cboe Global Markets stated that the launch for the Ethereum futures had been a hurdle.
“So one would think, perhaps, Ethereum futures are not far off. They already have an Ethereum index,” Kelly said.
After the announcement made by SEC, it was cleared that the prices were raised by 9 percent as Ethereum was not a form of security.
An upgrade for mining
Upgrades which will be made on the mining itself are being looked forward by the Ethereum miners where it is believed to be a catalyst that will raise the prices higher for the crypto.
“They [will] go from hardware mining, proof of work, to something called ‘proof of stake,’ which is similar to a software mining,” Kelly said.
Kelly noted that the current cost of mining for Bitcoin is in about $5820 where Bitcoin’s price was $6,455 at the time that this is written. HODLer observers are now wondering as to how they are concerned they are about the prices and how it is near the cost of mining for one Bitcoin.
“If we get below that [$5,820] level, miners will start to turn off their rigs. But that doesn’t mean that supply decreases. [As far as BTC supply is concerned], every 10 minutes right now, you get twelve and a half Bitcoin. There could be an incentive for some of the bigger miners that say ‘I’m not going to sell every 10 minutes; I’m going to hold on to it. So it’s something I’m watching very, very closely because we haven’t seen this in this market, at least not to this magnitude.” Kelly said regarding the issue.
How to play Ethereum
Kelly also emphasized that Ethereum is in a better trade condition than the relative value of Bitcoin.
“If you’re long this market, I would be overweight Ethereum,” he said..
Now the wait is on, as Kelly waits for the catalyst to work for the following months.