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Cryptocurrency has become one of the most prolifically talked about and controversial subjects over the course of the last several years. While cryptocurrency was first introduced to the market several years prior, the currency in its vast and varied forms saw a dramatic rise in popularity in the early months of 2020. Partially because huge swaths of the United States population were being kept indoors at the time by pandemic-fueled lockdowns, cryptocurrency exploded in popularity and has remained a vital point of contention in American public discourse.
One of the most successful forms of cryptocurrency is Ethereum. Ethereum (commonly abbreviated to ETH) is a decentralized blockchain platform that is utilized in the creation of smart contracts and decentralized applications (dApps). Initially proposed in late 2013, Ethereum was properly launched in 2015, well before the US cryptocurrency boom of 2020. In other words, Ethereum had a great deal of experience and transactional history under its belt well before it became so immensely popular, lending a greater sense of stability to ETH than many might expect. Ethereum has seen some rough drops over the course of the last few years, but it has also frequently rebounded in surprisingly strong form. Not unlike the stock market, users have come to expect Ethereum’s value to alter on a daily basis but remain confident in its place as a viable form of currency.
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The current landscape for Ethereum price is complex and ever-evolving. There are numerous primary factors that have impacted Ethereum’s value in profound ways throughout 2024, for good and for bad. Primary drivers such as macroeconomic factors, Ethereum’s continued development and shift to Ethereum 2.0, the role of DeFi and NFTs in maintaining interest and regulatory developments affecting the market have all played integral roles in dropping or raising the value of ETH.
Ethereum’s Current Value
Over the past few months, Ethereum has experienced significant price fluctuations, with notable increases and decreases in its value. While factors such as Ethereum’s innovative shift to Ethereum 2.0 (which allows for greater input and scalability for users) have positively affected the price.
However, over the course of the past month, market trends suggest a growing interest in Ethereum. On August 9th of 2023, Ethereum’s value had dropped to a low of $2,100 during a market crash, a level last seen in December 2023. However, since then, Ethereum’s value has risen steadily, and now regularly reaches as high as $2,600.
Ethereum Analyst Predictions
With the end of the election cycle and an even more potent embrace of Ethereum 2.0’s capabilities, there is hope that Ethereum’s value could rise even higher. Numerous analysts are predicting that Ethereum could rise to new all-time highs due to its inextricable link to NFTs. There has been renewed and increased interest in NFTs, which Ethereum is linked to. Simultaneously, there has been growth in decentralized finance that bodes well for Ethereum’s value moving forward.
A well-known trader warns of a potential drop to $1,550, highlighting the uncertainty of Ethereum’s value moving forward, but in response to that, other analysts suggest that a 10–20% reversal could soon follow.
While the future of Ethereum remains unclear, it has now been in existence for nearly a decade, and its position as a viable currency in the US seems more fortified than ever before. Ethereum has become an institution unto itself, whose price may rise and fall, but whose place in the American marketplace’s ecosystem is now so ingrained, its longevity appears incredibly promising.
This information is intended for educational purposes only and is not to be used as investment advice. As with all investments, there is risk, and the past performance of a particular asset class does not guarantee any future performance.
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