Initially released as a white paper by a programmer named Vitalik Buterin, Ethereum was to be released as a platform that would help in building decentralized applications. His initial suggestion was to bring specific changes in Bitcoin by giving it a scripting language that will help in application development.
His proposal was rejected, so he went ahead and decided to develop his platform to solve this purpose. After intense work, on July 2015, Vitalik Buterin launched Ethereum for public use. Ether is the token that is used for Ethereum operations, and it provides a public distributed ledger. The symbol for Ether is ETH, and it is available on almost all the cryptocurrency exchanges under the same name.
Note: In the initial years of development and launching, Ethereum had several founders. Anthony Di Lorio financed the project while the founders were- Vitalik Buterin, Charles Hoskinson, Mihai Alisie, Amir Chetrit, and Anthony himself. Joseph Lubin, Gavin Wood, and Jeffrey Wilke entered in 2014.
Ethereum noticed a surge in its price when BitPay decided to add the digital token as a form of the global payment system on its platform. In the past few months, the number of transactions on the network has increased by almost 910,000. This data shows that Ethereum is being accepted widely at a faster rate.
Currently, ETH is trading at $161.17 after a slight decline faced by the market in the past few weeks. The price is supported at $157, while strong resistance can be seen near $165 at the time of writing. Ethereum is in second place in the top cryptocurrencies based on its market cap with a market cap value of $17,510,294,648. In the past 24 hours, it noticed a decline of 3.60%.
What is Ethereum (ETH)?
Ethereum was launched in 2015 as an open-source, public distributed computing platform that was based on blockchain. Ether or ETH is the native token of the platform which is used for its operations. In a 2016 theft involving Ether tokens worth $50 million, the platform was then split into two blockchains- Etherem (ETH) and Ethereum Classic (ETC).
Advantages of Ethereum:
- Transactions on Ethereum cannot be changed once the data is written making it almost impossible to hack.
- The platform is decentralized, eliminating the need for an intermediary.
- The transactions on the network are faster due to the automation of blockchain transactions.
- The transactions are cryptographically secured on the blockchain, making it safer.
The founder of the Ethereum network, Vitalik Buterin, published the whitepaper in November 2013. In January 2014, the development of the Ethereum platform was publicly announced. The original Ethereum development crew consisted of Vitalik Buterin, Mihai Alisie, Anthony Di Iorio, and Charles Hoskinson.
Ethereum Market Data
Ethereum is the second-largest cryptocurrency with the market capitalization of 20 billion US dollars. The cryptocurrency has the market dominance of nearly 8% in terms of market capitalization and has a circulating supply of 110 million coins. Ethereum cryptocurrency reached an all-time high of $1,448.18 on January 13, 2018. At the time of writing, Ethereum price is trading at $185.63 with a 24-hour trading volume of over 20 billion USD.
Ethereum price prediction
The second-largest cryptocurrency in terms of market capitalization gained quick success after its launch in 2015. The native cryptocurrency of the blockchain network, ETH, is among the most used coin after bitcoin. So far, ethereum price predictions have not been so accurate as crypto regulations around crypto have become quite strict in the last few years. Currently, Ethereum is trading at $264, and it is expected to reach around $400-$500 by the end of this year.
Note: Ethereum has a market cap dominance of $9.66%.
Why did Ethereum price predictions fail?
The beginning of the year 2018 was quite good for the second-largest cryptocurrency, but the rest of the year was a disappointment. The price of ETH reached an all-time high of $1,448.18 on 13 January 2018. Several crypto experts had predicted a bullish year for ETH, but the entire crypto market slumped down that year along with ETH. Most of the ethereum price predictions were proved wrong as the whole crypto market suffered a significant loss.
Note: Ethereum has a trading volume of over 30 billion US dollars.
What future holds for Ethereum?
The second leading cryptocurrency has been very successful in the first five years, but what about the future? Predicting future scenarios in the cryptocurrency market can be a challenging task as crypto coins are highly volatile. The other factor that can play a vital role in the crypto industry is crypto regulations. Any strict policy discouraging the use of crypto can cause the market to deflate. Assuming there are no major crypto regulations introduced, the future for Ethereum looks bright.
Note: Vitalik Buterin used a crowdfunding platform to fund the Ethereum project initially.
Why should you not invest in Ethereum?
Ethereum founders were recently in trouble when they admitted that they knew Etehreum blockchain was not scalable at the time of the ICO, and the ICO documents showed otherwise. The crypto industry has criticized the Ethereum network for the scalability issues, and several Dapps even migrated to other networks because of this issue. However, the founders of the network have been talking about resolving these issues for a long time and launching Ethereum 2.0.
Ethereum Price Prediction by the market
1. Ian McLeod
Technology expert of Thomas Crown Art, Ian McLeod, has predicted that the price of Ethereum can reach $500 by the end of 2019 and early 2020. He also mentioned that BTC would lose its value by 50% in 5 years.
2. Trading Beasts
Trading Beast is a trade website that said that the price of Ether would reach $908 by 2019, and the average price will be somewhere near $650.
3. Brian Schuster
Brian Schuster is the founder of Ark Capital LLC, who made a pretty unrealistic bullish prediction that Ethereum price will reach $100,000 in 5 years.
4. Steven Nerayoff
Steven Nerayoff predicted the price would reach as high as $3000 in 2019, and the platform will get ten times more projects in the future as compared to now.
5. Joseph Raczynski
Founder of Joe Technologist.com, Joseph has a decent amount of followers on his Twitter handle, and he predicted that the price would reach $1200 by 2019.
6. Wallet Investor
WalletInvestor has given a different prediction for the price of Ethereum. According to them, the price will fall and take the price down to $42 before slowly recovering to $230.
Coinnounce’s Ethereum Price Prediction
We all know that the market of cryptocurrencies is volatile, so predicting the accurate price for a crypto asset is not possible. Our team of analysts has carefully studied the historical trends of the market, and they came forward with certain predictions for ETH.
Ethereum Price Prediction 2020
The price is predicted to reach $170-$200 levels by early 2020, from where it will notice another gain taking the price towards the upper levels of $400-$500. The price can witness a slight decline near the second-third quarter.
The price will again gain its position in the market, reaching the level of $1000 and above. The adoption rate will increase with time for the token as well as the concept of decentralized applications will see a boom in 2020 and further.
Note: One of the Ethereum founders, Vitalik Buterin, earlier worked at the position of being the co-founder of the Bitcoin magazine.
Ethereum Price Prediction 2025
Ethereum has managed to maintain its position in the market in the past few weeks as it has stayed above the significant support levels. According to the trends in the chart, the price is expected to follow the up-down pattern.
Note: Ether was introduced to help every person in the system as this token can be a form of payment as well as it can be traded by regular currency brokers, exchanges, and many crypto wallets.
In this case, we can expect the price to rise to the $2000-$3000 and above levels for the year 2025. This also depends on the value of other cryptocurrencies, as well. This will be the case if Ethereum maintains its position in the market by 2025.
Ethereum Price Prediction 2030
The price of Ethereum is dependent on the supply-demand relation as more and more people are moving towards dapps and Ethereum. In 2030, Ethereum can see much higher prices of $5000 and above.
However, things can go South if the governments impose strict policies on the use of digital currencies by 2030 or try to ban them. A harsh step like this can kill the whole market, making the Ethereum price prediction for 2030 unusable.
Note: J. P. Morgan Chase is developing its JPM Coin with the help of a variant of Ethereum blockchain. This variant is named as “Quorum.”
Ethereum Price Prediction 2018
The bullish trend couldn’t last long as in 2018, and the price started a downward correction taking the price to reach $110-$100 levels. Analysts realized the volatility of the market, and the predictions for the coming years changed.
The Ethereum price in 2018 was not doing well as compared to the previous years, and it kept declining. By the end of 2018, Ethereum price almost reached below $100.
Note: Ethereum transaction takes place with the speed of 25 transactions per second. On the other hand, the Visa platform processes 45,000 payments per second.
Ethereum Price Prediction 2017
2017 was the beginning of a roller coaster ride that continued till 2018. The year started with a price of $10, and by the end of the year, the price was almost reaching $1000. This bullish trend gave high hopes for the market, and people predicted the price to reach $1500 and above.
Ethereum reached an all-time high level of $1200 on December 2017 before it was again affected and started declining. This represented 100 times gained in the market just in 2017.
Note: Ethereum is faster as compared to Bitcoin in its block time as Ethereum takes 14-15 seconds for a block generation, whereas Bitcoin takes 10 minutes.
Frequently Asked Questions (FAQ)
1. Will the Ethereum price go up?
The market for cryptocurrencies is volatile, which makes it unpredictable. Several analysts and market enthusiasts have suggested that the coming years will be bullish for the cryptocurrency with slight bearish corrections.
2. Price of Ethereum in 2030?
The price for the Ethereum in 2030 can be beyond $5000.
3. Price of Ethereum in 2020?
The price of the Ethereum can be close to $3000 in 2020.
4. Is Ethereum a good investment?
The market has seen a global adoption, and the volume on the network has increased in a few years. The price is well supported mostly, making it a good investment. However, a proper analysis is preferred before investing.
5. Is Ethereum better or Bitcoin?
Every cryptocurrency has its advantages and disadvantages. These are the leading cryptocurrencies in the world, so both are used depending on individuals’ interests.
6. How many Ether tokens are there?
As of July 2019, about 107 million tokens are in circulation. There is no maximum cap for Ethereum.
7. Can Ethereum be mined?
Yes, Ethereum can be mined. The process of Ethereum mining is carried out using GPUs in a mining rig.
Read about Best Cryptocurrency to mine with GPU in this article.
8. Is Ethereum mining profitable?
ETH mining can be profitable if the person has access to cheaper power resources. It depends on where you are setting the machines for mining and how affordable the electricity is in that area.
9. Difference between ERC20 token and Ether.
Ether is the token that helps to power the Ethereum network and to perform operations using them. ERC20 is different as these are tokens that are built on Ethereum Blockchain.
10. Does Ethereum have a halving process?
No, Ethereum does not have a halving process, which means that Ether supply will never stop.
With a position as the second-largest cryptocurrency in the world, Ethereum is bringing people close to the world of decentralized applications and crypto investments. The prices are unpredictable, and the market is volatile, but the future looks optimistic for the cryptocurrencies.