The biggest cryptocurrency of all time, Bitcoin, gained much traction much after its inception. The reason is simple, anything new with potential finally makes it to the top. Following the trend, Ethereum, a similar type but with a much improved concept, was soon to climb the ladder of fame.
The evolution of Ethereum also spiked traders’ interests. Over the years, Ethereum has become the second largest cryptocurrency in the world. However, despite the technological spike, the coin couldn’t surpass Bitcoin. Will it ever? How high will Ethereum go? Let’s delve into the topic and understand where this coin is going in the future.
Ethereum Price History
Let us take a quick look at Ethereum’s historical price performance before getting into price prediction. The price of Ethereum (ETH) has fluctuated significantly since its launch in 2015. ETH first surpassed the $10 threshold in March 2016, despite experiencing a sizable surge after its launch.
The price of ETH increased more noticeably in late 2016 and early 2017 as a result of the Ethereum network’s rising popularity, which was largely brought on by the proliferation of initial coin offerings (ICOs). The price of Ethereum skyrocketed past $1,000, peaking at about $1,400 in January 2018.
However, this price increase came after a significant decline during the ensuing crypto winter. ETH’s cost plunged to an all-time low of $80 in December 2018. However, with the start of the subsequent bullish market cycle, Ethereum started to climb steadily, occasionally experiencing minor corrections, eventually reaching a new peak of about $2,000 in May 2021.
As the bull market came to an end in November 2021, the price of ETH hit an all-time high of $4,891.70. Unfortunately, numerous crypto disasters, bankruptcies, and an unfavourable global macroeconomic environment all served to exacerbate the bear market.
Technical Analysis of Ethereum
As the chart indicates, Ethereum has been receiving long term support since 2020. However, a major resistance was also created around $2038. It is the same period, when Ethereum was seen touching its all time high of $4868.
However, Ethereum suffered a lot in 2022. In, 2023 is here with all the positive news, starting with the upgrade and switch to proof of stake (PoS). While writing the price prediction, Ethereum was at $1,858. There is a $222,970,691,577 USD market cap. The maximum supply is not known, but there are 120,245,588 ETH coins in circulation.
In the coming years, Ethereum price is predicted to range between $4,204.12 and $5,063.95, respectively. The typical anticipated trading expense is $4,355.45. By 2030, the price can rise up to $15,000.
The anticipations about Ethereum is quite positive. The coming period for the coin holds high expectations from traders, as well as, developers.
| Market cap | $196,632,048,264 |
| ROI | 65610.57% |
| All Time High (Nov 16, 2021) | $4,891.70 |
| All Time Low (Oct 21, 2015) | $0.4209 |
Understanding the Idea Behind Creating Ethereum
Bitcoin was launched to test two main features that were missing in the financial system – permissionless transactions and cryptography. It sought to use the stern tenacity of cryptography to investigate the potential of the decentralized database. It could send values across the world without the involvement of intermediaries. However, it was missing an important feature of turning into a complete scripting language. But, do you know who had the solution? Yes, you guessed it right, Ethereum.
The idea behind Ethereum was to make it simplest, even though there might be data storage incompetence or higher time usage. As envisioned, Ethereum soon received the deserved reaction among the technological prophets. And now, after more than a decade, it has evolved into a technology that is more meticulous than Bitcoin.
Ethereum has played a pivotal role in the development of the blockchain and cryptocurrency ecosystem, and it has been the foundation for a multitude of decentralized applications and projects in areas like decentralized finance (DeFi), non-fungible tokens (NFTs), and more. Its continued evolution and upgrades are aimed at addressing scalability and security concerns to ensure its long-term viability as a blockchain platform.
Conclusion
In conclusion, Ethereum is a transformative digital currency that has disrupted traditional finance. Its underlying blockchain technology has the potential to revolutionize various industries. As you embark on your journey into the world of Ethereum, remember to stay informed, practice security measures, and explore the endless possibilities this cryptocurrency offers.
Yes, Ethereum is legal in most countries. However, it’s essential to check your local regulations.
You can acquire Ethreum through exchanges, mining, or by accepting it as payment for goods and services.
Yes, Ethereum is secure. However, it’s crucial to store your Ethereum in a reputable wallet and practice good security measures.
