The Ethereum price surged during the weekend and crossed the important milestone of $4,000. ETH is trading at $4,120, bringing its total market cap to more than $477 billion. It has surged by more than 480% this year, becoming one of the best-performing cryptocurrencies in the world.
Why Ethereum has surged: To understand why ETH price has surged, it is important to first understand what it is. Ethereum is a blockchain project that allows people to build decentralized applications like Decentralized Finance (DeFI) and Non-Fungible Tokens (NFT). In fact, most blockchain projects in existence today like Aave, Maker, and Uniswap are all built on Ethereum’s blockchain.
Therefore, the great adaption of these products has led to more demand for ETH, which is the native token for the network. Indeed, the total value locked (TVL) of DeFi has surged from more zero to more than $86 billion today.
Ethereum price prediction –
Ethereum is the hot cryptocurrency at the moment, jumping from strength to strength. In April last year, Ethereum cost investors around $190 (£136.55) per token. However, in the ensuing 12 months, it has jumped to more than $2,300 (£1,652.93) and growing.
Many people looking to make a quick buck on Ethereum have jumped on the bandwagon, and experts believe it is a sound investment.
In fact, some cryptocurrency experts are so sure of Ethereum’s potential that they claim there is “every chance” it could hit $10,000 (£7,186.65) this year – marking a more-than fourfold increase in its current value.
Paddy Osborn, Academic Dean at London Academy of Trading, told Express.co.uk: “The supply of Ethereum is not capped like Bitcoin or Litecoin, but it is seen as one of the more sophisticated cryptocurrencies and it’s currently very much in vogue.
Coinpedia predicts that the ETH could reach $10,000 by 2022, and $50,000 by the end of 2025.
“Other sources have slightly more modest predictions: Wallet Investor’s forecast suggests that in five years, the price would’ve gone up to about $7,168.
“While sources vary on the specifics, one thing’s for sure: Ethereum is steadily climbing up and will rise by 50 percent at the very minimum by the end of the year.”
As with any investment, especially cryptocurrency, it is important to note that nothing is a certainty.
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