Ethereum is well-heard of among cryptocurrencies and is one of the most sought-after ones even in today’s times. Have you ever wondered why this crypto is still always in the news and is making the rounds in the top positions of the crypto charts? It is because of the constant upgrades and the team of developers behind it that make it more and more successful as time passes. Ethereum has been a close second to bitcoin’s top position in the market and both these cryptos have not wavered in their positions since their origin. It is becoming increasingly popular and people are looking forward to having the ETH tokens in their portfolios.
Ethereum’s journey – If you are looking to buy Ethereum in India and want to know how it became popular before you made your purchase, you can look at its trajectory and how it rose. It was launched in 2015 at a very low price of just 0.311 dollars. In today’s day and age, Ethereum has risen to more than 2,930 dollars. It had reached its all-time high of around 5,000 dollars in 2021! These numbers simply show the power that Ethereum holds in the overall cryptocurrency market. Many experts are also predicting another boom in ETH’s cycle with the initiation of Ethereum 2.0. Certain predictions are also forecasting the growth of Ethereum by more than 400% in 2022.
Ethereum’s trending topics – Multiple reasons advocate for the popularity of Ethereum and account for why this cryptocurrency has now shown signs of stopping and falling drastically. Because Ethereum and its network are multi-faceted, it is a programmable blockchain that consists of a software network with the potential to build different decentralized applications and tools along with NFTs, smart contracts, etc. After it broke its record in May 2021 by reaching its highest value, speculations began over the possible breakthroughs that Ethereum would witness. Even the ETH to INR value increased dramatically at that point as investors from all over the world were buying ETH.
Reasons behind the surge – There are several reasons why Ethereum’s prices surged in the manner that they did:
- Ethereum and the other altcoins were known to follow the footsteps of Bitcoin. However, amid the crypto surge, it was only bitcoin that witnessed a massive spike in its prices. Ethereum and the other cryptocurrencies followed later – this could be the reason why the surge in the price of ETH was slow but large
- The growing popularity and the interest in DeFi features on the Ethereum blockchain could also be one of the reasons for the investors’ attraction to the cryptocurrency.
- The team of developers has also introduced several updates to the ETH software. The plan to get Ethereum 2.0 out in the open is catching the eyes of the environment-friendly and cautious investors. With its launch and the shift to the PoS consensus mechanism, ETH 2.0 will be the cryptocurrency to look out for.
- The upgrade is also going to provide several other exciting features like lower transaction fees, a faster rate of transfer, etc. This is predicted to severely enhance the growth potential of this particular network and cryptocurrency.
- Additionally, since Ethereum is one of the cryptocurrencies that has been adopted by different institutes and many investors are also looking at it as a store of value.
Ethereum’s future – Ethereum is going to face some tough competition not only against bitcoin but also against the other altcoins in the market. However, experts are not discouraged by this. They believe that the future and the potential that Ethereum and Ethereum 2.0 has would be great and cannot be diminished. With over 90% dominance over the NFT market, it is a huge achievement for this network and even if there is a slump associated with prices, the recovery would be quite quick. This could also be due to the versatility of options that one has with the technology and network that ETH provides. Additionally, Ethereum is also highly integrated into the businesses and enterprising side of the arena. It helps the institutes in several ways like data coordination, private transactions, provides scalability and performance, etc.
There are several reasons why Ethereum is still a powerful cryptocurrency and why it is dominating the markets. People do not want to let go of their ETH assets as they believe in the price predictions associated with it and are waiting to see what the future awaits with ETH 2.0. There are many different multi-faceted areas where Ethereum can see its use in a vast number of spectres in life involving business, healthcare, education, government-related, etc. This gives the network the ammunition and backing it needs to sustain even in the cut-throat and competitive environment. Invest in Ethereum and watch your profits closely.
