Ethereum (ETH) is an open platform based on blockchain technology that allows creating and sharing decentralized applications. Ether is the second-largest cryptocurrency on the market cap. ETH price just reached $1000 and many investors are considering if it exceeds its ATH (All Time High).
What is Ethereum (ETH)?
The Ethereum platform has been created by Vitalik Buterin, a programmer, who worked on Bitcoin in 2013. The first version of the Ethereum network was released in 2015. The digital platform works on blockchain technology allowing users to create decentralized applications (Dapps). Ethereum also enables developers fundraising on their own applications. Dapps is an open-source, decentralized network and to create apps are used smart contracts. Smart contracts are code scripts that can facilitate the exchange of payments, shares, content, and more. The platform is powered by the native Ether (ETH) cryptocurrency.
Why is the ETH price going up?
There are many factors that influence the price of cryptocurrencies. There is no doubt that during the last year investors became more aware and interested in investing and trading cryptocurrencies. Also, there are more and more places where you can pay via cryptocurrency. The price of Bitcoin (BTC) reached its ATH in December 2020. And as you probably know, when the price of BTC is high, the price of all digital currencies is going up.
More and more investors noticed that Ethereum may be a valuable currency when the media became interested in the crypto world. The main reason for this interest is a long-awaited change in the Ethereum network: the implementation of Ethereum 2 0. The developers decided to switch entirely to the Proof of Stake algorithm, which will increase the speed of transactions and scalability, and reduce costs (current block verification in the Proof of Work algorithm is very energy-consuming and expensive).
Ethereum price and charts
Currently, Ether is the second-largest cryptocurrency in terms of market capitalization. In Jan 2018 ETH reached its own ATH of $1432,88 USD. From Dec 2020 until the beginning of Jan 2021 the ETH price has increased from $374 USD to $1023,65 USD with a 24-hour trading volume of $53 391 892 275 USD. It has a circulating supply of 114 123 758 ETH coins.
Is it possible that ETH will reach $1500 USD this year?
After exceeding $ 1,000, investors are very optimistic about the future of ETH. The planned launching of Ethereum 2.0, despite later arousing great interest, contributes to the popularity and price of Ether. The forecasts for this cryptocurrency is also very good. Everything indicates that ETH will continue to grow, and will most likely exceed $ 1,100 soon. This is the best time to invest in Ethereum. The Vitalik Buterin’s platform continues to grow and develop, and more and more users are using it. It is hard to predict if there is anything which would stop its growth.