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Ethereum is having a rollercoaster week in terms of market price by a fluctuation in a range of nearly $400.
Ether's (ETH) market price has reached $1,514 by an increase of 0.27% in 24 hours, at the time of writing. Ether has a market cap of more than $173 billion and a 24-hour trading volume of nearly $30 billion. This week has begun with a 30% decline after reaching its all-time high at $2000. Then it arrived at resistance at $1600. Notably, Ethereum was launched in 2015 with the idea of having a more general scripting language compared to Bitcoin. It was established by Vitalik Buterin, a researcher and programmer.
The rise in the price of Ether (ETH) is the adoption of dApp in the previous year and the launch of the Ethereum 2.0 update. The updated version has increased the scalability of the Ethereum Network to 1 lac transactions per second. It can be expected to have several partnerships till next year that will definitely boost its market. It might reach $2500 by the end of this year.
Ether has exceeded the number of Bitcoin nodes twice this year, and within two weeks, the number of Ethereum nodes has increased by more than double. It is even being processed twice the daily trading volume of Bitcoin due to the rise of Decentralized Finance Transactions. According to the exchange model equation, the price of Ethereum could reach more than $3,500 within five years. The model assesses Ether's future value by examining the use case of the coin in the future.
As per the analysis, ETH has a significant probability of surging. Etherereum network is the first to develop smart contracts without any intervention by humans and is one of the world's top cryptocurrencies.
Ethereum has a long way to go for achieving sustainable growth. Ethereum is indeed a volatile investment at this point of time that has a considerable amount of risk. Investors should do the due research before investing in it. In my opinion, it is undoubtedly going to rise in the future.