• Ethereum (ETH) was founded in 2013, and developments started in 2014.
• In the past week, Ethereum price registered good bids above the $1,165 level against the US Dollar, forming a base and slowly moving higher above the $1,180 level.
• The year 2022 was a difficult period in the crypto industry, to say the least, as the whole market lost almost 64% in value.
Ethereum is an open-source blockchain protocol that enables developers to build and deploy decentralized applications (dApps). The protocol was developed in 2013 by Vitalik Buterin and a team of developers, and it was officially launched in 2015 with the Ethereum Genesis Block. Since then, the Ethereum network has become the go-to platform for developers to build and deploy dApps.
In the past week, Ethereum price registered good bids above the $1,165 level against the U.S. Dollar, forming a base and slowly moving higher above the $1,180 level. At the time of writing, Ethereum price is trading at $1,263, after losing 0.12% in the last 24 hours. The second largest crypto recorded a 24-hour trading volume of $2.57 billion and a live market cap of $154.6 billion, placing it at #2 on CoinMarketCap.
The year 2022 was a difficult period in the crypto industry, to say the least, as the whole market lost almost 64% in value. Things were somewhat different for Ethereum as the smart contract crypto as it lost 68% in the year, making investors wonder whether things will turn around in 2023. To address this issue, the Ethereum team implemented a major upgrade, dubbed The Merge, which transitioned the network from the energy-intensive Proof-of-Work mechanism to a Proof-of-Stake (PoS) mechanism.
The Merge was an important milestone for the Ethereum ecosystem because it made transactions more secure, efficient, and cost-effective. Moreover, it enabled Ethereum to become more decentralized and able to handle a larger number of transactions per second. This upgrade was highly anticipated by the Ethereum community because it was expected to bring about better scalability and open the door for more mainstream adoption of the Ethereum network.
In the recent weeks, Ethereum price has been steadily gaining, making investors optimistic about the future of the second-largest crypto. Ethereum’s price is currently trading at $1,263, and if it continues to move higher, it could break the $1,400 mark in the coming weeks. This could be a major milestone for Ethereum, and it could be the start of a new bull market for the crypto.
Overall, Ethereum is a high-potential cryptocurrency that has the potential to revolutionize the way we do business and interact with the world around us. With the Ethereum network becoming more secure, efficient, and cost-effective, investors are optimistic that Ethereum will continue to gain in value and reach new heights in the near future.