Ether or ETH, the crypto product distributed using the Ethereum technology, has a current market capitalisation that is enormous but still second to Bitcoin. This crypto product is said to differ from other assets like Bitcoin as it is a versatile form of digital currency which offers a great deal of convenience and value to consumers.
Therefore, this article will dive into the intricacies of the Ether coin and the latest Ethereum price prediction.
Ethereum price prediction: An outline
The Ethereum platform first came into existence in 2015, with the Ether crypto-asset making its debut in the crypto product market. This blockchain platform is similar to that of Bitcoin in that it is a decentralised public ledger that holds information regarding a series of transactions.
As of October 2021, the price of this product was $4,414. In addition to this, the market capitalisation as of March 2022 is $312,203,802,594, which is only second to one of the most valuable crypto products, Bitcoin. Therefore, read on to understand what makes Ethereum so valuable and how it works, as well as the latest Ethereum price prediction.
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Ethereum in a nutshell
The Ethereum platform is often described as the world’s programmable blockchain. This characteristic distinguishes this crypto product from its competitors like Bitcoin and Tether. This is because the Ethereum platform is primarily used to create what is known as smart contracts and distributed applications known as dApps. In addition to this, Ethereum has its own programming language, Solidity.
Transactions on this platform can only be done using the Ether coin or tokens. Therefore, Ether is often referred to as the “fuel” that the applications run. The tokens are spent depending on the computation power required to use the applications. For this reason, the higher the computation power, the higher the Ether fee one will have to spend.
Ethereum developers created apps that serve financial and entertainment purposes, and all transactions are safe from fraud or theft. These tokens can be obtained using actual fiat currency or other crypto products.
Like Bitcoin, there are a limited number of Ethereum in circulation today. In September of 2021, there were around 117.5 million. Of these, 72 million were issued in what was known as the Genesis Block.
The performance of Ethereum in the past
In its short seven-year existence, Ethereum has seen drastic growth. However, this growth is expected, considering that the crypto products market is exceptionally volatile. However, Ethereum is a reasonably stable crypto product as the price difference at its highest and lowest is around $2000.
The lowest ever value of Ethereum was around $0.70 when it was first released in 2015. However, it saw a steady increase reaching its highest value in November 2021 at $4,735. This price would only go on to increase, seeing inevitable dips in the price from time to time. Finally, the latest Ethereum as of March 2022 is at $2600.
The introduction of Ethereum 2.0
Ethereum developers are always on the lookout to make the network more streamlined and secure. This aim led to these developers looking to convert the previous Proof-of-work system to a proof-of-stake system. This conversion will mean that new tokens need not be mined but will enter into circulation through stakeholders.
A stakeholder already possesses some Ether tokens and will validate any transactions in the network by depositing these Ether tokens into a crypto product wallet. For this deposition, the stakeholders will require a smart contract. This is the new version of the Ethereum network known as Ethereum 2.0.
The latest Ethereum price prediction in 2022 states that the value of Ethereum could end the year at around $7,000, the highest it has ever been. The founders and traders involved in Ethereum trading have big plans for the crypto product as they hope to create a safe platform that allows users to carry out any form of digital transaction. With the release of Ethereum 2.0, they are one step closer to this dream and may even see significant success in the coming years.
- Can Ethereum reach $5,000?
The price of Ethereum can vary since it is a volatile market. However, as of November 2021, the price of Ethereum was $4,812. The Ethereum price officially reached and surpassed $2,000 in April of 2021.
2. Is it better to buy Ethereum than Bitcoin?
Given the shift of the Ethereum network to a PoS system, Ethereum seems like the better option to invest in. In addition to this, the Ethereum network also processes transactions more quickly than Bitcoin and is generally less energy-intensive.
However, Bitcoin is a more valuable crypto product as there are only 21 million tokens in circulation in contrast to the 117.5 million and counting Ethereum tokens. This scarcity makes Bitcoin a more stable currency and a safer investment. Therefore, a decision will have to be made depending on the risk profile compiled.
3. How many Ethereum tokens are left?
The Ethereum tokens generally enter into circulation in the same way that Bitcoin tokens do. Mining involves solving complex computational problems and receiving them in rewards. Although with Bitcoin there are only 21 million tokens to mining, with Ethereum, there can be any number of tokens as there are no restrictions.
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Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).