What is Ethereum?
With other 1,300 Cryptocurrencies in the market, Ethereum has an extensive history dating back to 2013. It was created by Vitalik Buterin. He started Ethereum by developing Solidity, it’s main coding language and starting up a crowdfund.
In 2015 Ethereum’s displayed $11.9 million coins in its crowd safe. The account mined for the crowdsourcing takes up only 13% of the total supply of Ether.
Although it has some differences, Ethereum still functions as cryptocurrencies as others placed on the market. Ethereum’s utility token “Ether.” It can be bought or sold due to being verified by its blockchain network.
Instead, there are miners that use computational algorithms. Completing the complex algorithms rewards them with Ether just as it would if they were to receive rewards for mining Bitcoin.
Lastly, Ethereum is also used for startups and entrepreneurs to help fund their business. With Ethereum, they can create a token sale and use ETH to get their projects incubated and help them build high-quality decentralized apps. Ethereum has multiple purposes and this is why it’s price is always debated among members of the crypto community.
- Coding System Used: Solidity
- Total Token Supply: 97,368,316 ETH
- Maximum Token Supply: 100,000,000 ETH
- Current Market Cap:$93,158,694,554 USD
- Transaction Speed: 20 seconds per transaction
This table describes Ethereum price prediction from 2019-2024.
|Ethereum Price Prediction|
According to Moore’s Law, the value of something will double after an extended period. Through looking at Figure 1, we can see this occurring. Within the next two years, we can see Ethereum’s value hitting a record high at $3842. By the end of 2024, it will be around $61,484.
The market at this current rate is extremely volatile. Its current price according to Coinkmarketcap is at $939.43. With a market cap of $91.34 billion, it’s the second highest cryptocurrency behind Bitcoin.
We will have to wait to see how Ethereum grows in the future.
How Does Ethereum Price Prediction Compare to Bitcoin
In this figure, we can see that Bitcoin’s value is still larger than Ethereum. This is because Ether is volatile and always goes through constant changes in the market.
As much as Bitcoin and Ethereum shares a few similarities such as high value and large market capitalizations, both of the platforms have different goals. Where bitcoin is solely used as a digital currency, designed as a way to store value, Ethereum has another approach.
Ethereum acts as a platform that people can run applications, use Ether tokens or make smart contracts. Basically, it will take time to see Ethereum’s growth potential be finally be seen in its price value.
Ethereum’s price is always in a constant state of change. This can be either because of the volatile market, or the number of users reacting to the changes in its value.
Ultimately, we can use Moore’s Law to see that it’s a long-term option. Until then, we’ll have to watch the crypto market continue to take a few changes before we see another spike in value.
Disclaimer: This is not made for promotion, but should be taken as an educational piece. Invest in any cryptocurrency at your own risk.