You have probably heard about Ethereum and how it comes second after Bitcoin. Ethereum is a similar cryptocurrency to Bitcoin, but it features ledger technology companies use to build new programs. The cryptocurrency hosts numerous smart contracts and dapps with unlimited capabilities. Therefore, anyone can run dapp on the Ethereum network without seeking approval because it is decentralized. Besides that, crypto continues to raise attention and attracts many investors. This consequently has raised value since its creation. Let’s look at Ethereum price prediction.
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What is the current price of Ethereum?
Ethereum’s value has grown immensely since it was launched in 2015 by Vitalik Buterin, a computer programmer. According to coingecko, the price of Ethereum has been $2. 945.09 in the last seven days. The price has risen by 14.9% in the last seven days. Moreover, cryptocurrency comes second after Bitcoin.
How Ethereum price is determined?
Here are the reasons that affect Ethereum prices
Market supply and demand: just like stocks, crypto markets have purchase and sell orders. Therefore, scarcity and increase in demand for Ethereum affect the prices.
High utilization and traffic: smart contracts allow creators and artists to make and sell digital work known as NFTs. With many users and investors, Ethereum value increases over time.
Bitcoin prices: bitcoin prices affect crypto prices. When it is bullish, other cryptos like Ethereum will be bullish.
Eth 2.0 staking: this upgrade on the network allows users to stake Ethereum for interest. There is over $1billion of Eth at stake; this lowers the market supply of the coin.
High transaction volume: it increases the transaction fees on the Ethereum blockchain. The fees are given to miners who sell their coins hence increasing the supply of Eth in the market.
Ethereum Price Prediction
Even though it’s somehow impossible to predict the prices, experts argue that it will be more volatile compared to Bitcoin. It is mainly because crypto has changed technology to a less energy version, which insiders call “Ethereum 2.0.” The upgrades will make it sustainable and exciting for widespread applications. Experts agree that Ethereum will break between $4,000-$5,000 this year despite cryptocurrencies’ volatility challenges. According to crypto news outlet Coinpedia, it could end between $6,500 and $7,500. Also, Coinpedia predicts a higher price of about $12,962.33.
Gate.io: the best crypto exchanges to buy and sell Ethereum
Gate.io is one of the best global exchanges to buy and sell Ethereum. The exchange has over 600 digital currencies for trading. Moreover, Gate.io is one of the best crypto exchanges in the world. It has offered multiple security features to protect funds.
For example, two-factor authentication, SMS 2FA, login verifications, additional transaction password, and KYC. The exchange has the lowest fees on the market of 0.2%.
After buying Ethereum, Gate.io provides leverage trading, quantitative trading, perpetual contracts, and leveraged ETF services. Lastly, their customer support is available 24/7 for live chat for any queries.
Conclusion
Today, there is a lot of hype surrounding Ethereum. The cryptocurrency has massive capitalizations and trading volumes. For this reason, most people see the potential of overtaking Bitcoin, the dominant token in the market. Additionally, blockchain-based software networks are popular because of many applications in the tech world. For instance, it is used in gaming, entertainment, music, and decentralized finance. If you are looking for a crypto exchange to buy and sell Ethereum, Gate.io is a reliable platform with many years of experience.
