When BTC was launched in 2009, few people believed in its potential and what blockchain technology could do. People mined, traded and dabbled in BTC and other crypto assets like LTC, BCH, etc., but no major adoption occurred.
In 2015, when Ethereum was launched, cryptocurrencies took off. Since then, it has gone on to become the second-largest cryptocurrency. Any Ethereum news nowadays is almost as important as news about Bitcoin.
Ethereum’s true potential is yet to be utilized. Today we will be covering everything you need to know and why ETH is probably the best investment opportunity of this generation.
Overview of Ethereum
Vitalik Buterin conceived Ethereum in 2013, along with its other developers Gavin Wood, Charles Hoskinson, Joseph Lubin and Anthony Di Iorio. The network was launched in 2015, allowing anyone to use it to deploy decentralized apps based on smart contracts.
ETH is the native cryptocurrency token of the network and is used to pay for transactions and gas fees. It is also the backbone of decentralized finance. Moreover, most cryptocurrencies are ERC-20 tokens, and most of the NFTs are also minted on the network.
Ethereum 2.0
The network worked on the Proof-of-Work (PoW) consensus mechanism, and new ETH tokens were mined like in the Bitcoin blockchain. But the PoW consensus mechanism limited the transactional throughput, speed and efficiency of the blockchain network.
To overcome these deficiencies, the network moved to a Proof-of-Stake (PoS) mechanism through an upgrade called “The Merge” in September 2022. It has cut down the network’s energy consumption by 99% and increased the transaction throughput to 100,000 per second.
Ethereum Technical and Fundamental Analysis
The prices of BTC, ETH and other tokens have started showing signs of reversal in 2023 from the downtrend that they have been in since December 2021. According to technical analysis, ETH is primed to cross the barrier of $2000. If the global financial scenarios permit, it could see new all-time highs in the near future.
Fundamentally, the supply of ETH has stagnated since its upgrade to ETH 2.0, which is a good sign for the price to go higher. As more and more users get into the web 3.0 paradigm, it is more likely to flip BTC in the near future, and its price might get decoupled from it.
Ethereum Price Prediction for 2023
The global markets and economy are predicted to be in a slowdown or even a recession in 2023. Hence, the crypto markets are predicted to be in a sideways accumulation phase accompanied by small relief rallies.
In such a scenario, the latest Ethereum crypto news predicts the price to neither be too bullish nor bearish. Experts believe its price will range between $1500-$2500 throughout the year. But as crypto markets are highly volatile, ETH touching $2500 is not guaranteed, and it could break out to the upper or lower side of this range at any point.
Is Ethereum (ETH) a Good Investment?
Ethereum is not just a blockchain network, rather it is so much more. It has its own programming language — Solidity, which can be used to build and deploy smart contracts. It is also the backbone of the entire NFT space, and most of the NFTs in circulation are ERC-721 tokens.
As the world slowly adopts blockchain into its everyday functioning, the use cases are bound to increase manifold. This makes ETH a great investment opportunity as the prices would only increase once true mass adoption takes place.
Conclusion
Blockchain technology is bound to become the backbone of the world's new financial system with Ethereum being the key to unlocking the true potential of blockchain technology. The latest ETH news of the merger has brought in new users, brought down the cost of transactions and made the network more efficient.
These factors, combined with the sheer number of developers working on the network and its trustworthiness, are what make ETH one of the best technological solutions available in the world right now.
