It is one of the biggest cryptos. It comes second to Bitcoin. Even after that people seem to often neglect this crypto and give huge attention to Ether’s counterparts.
Ethereum runs on the platform of the blockchain called Ethereum. It soared many times over all lows it created when it fell during the March 2020 COVID crypto market panic. According to data analysts, such a huge rise in value is because of the excess money flowing into every top crypto along with the huge popularity of crypto investment.
Ethereum successfully showed all its investors that it comes with growth prospects regardless of facing one of the most challenging sell-offs in the history of the asset. It followed the liquidations of big institutional investors such as Celsius, 3AC, and so on. Although Bitcoin is the most well-known cryptocurrency, it is still a relatively new invention. Here are five Bitcoin facts you should know.
A struggling market ride
In 2021 May, Ethereum broke all previous records. It set a new all-time price high above $4000. It was the first time that Ethereum crossed the mark of $3000 in the history of the crypto coin. As of 3rd May, when the price of Ethereum stood still at nearly$3110 many crypto analysts predicted that Ether will keep on rising. It did too until the $4000 mark of $4000. On 24th September the price of Ethereum again faced a nearly 10 % exchange value spike. It was a huge one after its significant rise in May. Its price did fall in the next months, but the losses got recouped in a run it started in July. It was very close to the London Hard Fork.
In the past eight days, the digital asset gained nearly 40% of its value if the result of the present rally is measured from the exact bottom reached on 18th June. This strong growth got fuelled most likely by one concentration of $900 buy orders.
Also Read: Cryptocurrency market cap
Many traders were looking actively for a perfect entry into Ether. It was highly possible after the crypto plunged under $1000 and faced much bigger selling pressure causing another $800 range plunge.
Such huge liquidation volume and absence of liquidity let investors push the market’s second-largest digital asset’s price back to nearly $1200 even after its market cap remained under the level of 1st June.
Traders are still up for profit-taking
It is unfortunate that the increase of 30% price is never enough for investors and traders to carry on supporting Ethereum as their on-chain activity. It suggests that most of the holders of Ethereum are taking profits actively. It is creating more pressure on the digital assets and preventing them to break local levels of resistance.
Luckily, the activity of Ethereum whales remains relatively low. It shows that selling is never coming from them. It still has a high chance to show upward volatility as the volume of sales remains much low.
Ethereum’s future
It has been predicted that Ethereum may be reaching $19,842 by the year 2025. It will be around a 400 % increase from the present price. Such statistics were predicted by some experts. They pointed to the rising popularity of NFTs and Defi which is providing a bigger use case compared to Bitcoin. Long-waited Ethereum upgrades started at last year’s end and were designed to aid the digital currency scale and decrease its huge cost. Thus it helped Ethereum to reach a new prospect. Ethereum’s future was never always very right. This is a very known fact. In 2016 June, the DAO hack sent around $55 million of Ethereum into the hands of hackers. Altcoins’ Rise such as that of Ripple and Bitcoin Cash threatened Ethereum in the huge crypto universe. Yet Ethereum again found its market foothold in the last 4 years. The present statistics are its testimony.
Conclusion
Ethereum was moving around the price range of $1200 and consolidating. It was due to the absence of trading volume on the weekend. The present run from Ethereum makes it clear that it has a very promising future to offer. It is definitely a huge potential that yet must be explored. An individual can directly buy Ethereum on different crypto exchanges.
