As the second-largest cryptocurrency in the world, Ethereum is a name known to every crypto fan. Let’s explore the salient features of this coin, delve into its past and current behaviour, and discuss its future prospects.
What Is Ethereum?
Commonly referred to as ETH, Ethereum was launched in 2015 by Vitalik Buterin. It is an open-source, decentralized project which is highly valued by developers because of its potential applications. In a period of just 5 years, its price has appreciated by an impressive 40,000%. The average number of ETH transactions over a 7-day period is 1.3 million indicating how popular this cryptocurrency is.
Ethereum Past Performance
According to Statista, for the first one and a half years, from August 2015 to February 2017, Ethereum was somewhat stagnant without any bullish movements or plunges in its price. It then went from $15.86 in February 2017 to $1066.72 in January 2018. This period of growth was then followed by a gradual drop in prices until the price went to $107.75 in January 2019 and levelled out. It was only in the last quarter of 2020 when ETH really took off and followed a steep rise. Since then, the price of Ethereum has kept increasing, save for two small drops, which the coin recovered against quickly.
Ethereum Price Today
Priced at $4,603.47 as of 8 November 2021, Ethereum is the second-largest cryptocurrency in the world. With a 24-hour trading volume of $13.69 billion, it has a market cap of $544.6 billion. This is second only to Bitcoin.
As fluctuations are common even during a 24-hour period, this cryptocurrency’s price has also increased and slightly decreased before making an impressive recovery. The price went from $4,495 to $4,596 within 21 hours.
With these brilliant figures, not only has ETH occupied the 2nd rank in the market for a long while, but it is also dominating 19.65% of the market.
Ethereum Price Prediction for 2025
As one of the leading coins in the cryptocurrency market, the predictions for the price of Ethereum in the next few years are highly optimistic. Let’s consider a few of these forecasts for the year 2025.
According to CoinPriceForecast, this coin will be around $14,960 in the middle of the year and reach $16,456 towards the end. This is an astonishing increase of 258 percent from the price on 8 November 2021. However, more conservative estimates put its price around a minimum of $5200. Although the aforementioned two figures are drastically different, what is worth noting is that almost all forecasts are appreciating the value of Ethereum, suggesting the high investment potential of this coin.
The solid use cases of Ethereum can aid multiple industries worldwide, such as the finance sector, a fact that draws the attention of major companies globally. In fact, even JPMorgan, the American multinational investment bank, would start using Ethereum for their digital token. Such events add to the credibility of the coin, increasing investor confidence in it.
If forecasts are to be trusted, it is time to consider how to buy Ethereum because it has been consistently performing well in the market. With ETH covering more use cases than even Bitcoin, it has the potential to become far more commonly accepted and heavily invested in than it currently is. With predictions for 2025 crossing even $16,000, it is among the cryptocurrencies that are here to stay.