Forget about Bitcoin. Buy Ethereum

By October 11, 2021DeFi
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If you are looking to buy Ethereum, it’s a good idea to understand what the digital currency is and how price has arrived at the current point. Researching these elements is known as doing your ‘due diligence’ and is critical in the investment process. Firstly, Iwill examine what Ethereum is to provide a broad overview, after which I’ll dive into the current Ethereum price for further analysis.

The first thing to note is that Ethereum (ETH) is not the actual ‘currency’ per se — in fact, Ethereum is the blockchain platform in which the currency Ether can be used. This may seem confusing, but most of the time, the terms are used interchangeably. The idea for Ethereum was produced by Vitalik Buterin in 2013, with the platform being formally launched in 2015.

The reason that people choose to invest in Ethereum rather than buy Bitcoin is because of Ethereum’s practical uses. The platform allows decentralized applications (dApps) to be run, which provide safer and more anonymous ways of conducting various services. These dApps have become increasingly popular in decentralised finance (DeFi) projects, which have helped remove the need for intermediaries such as banks and brokers.

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Over the years, Ethereum has grown immensely as more and more people realise the platform’s potential. However, ETH price really only started taking off at the beginning of 2021, when the hype around crypto reached a fever pitch. Between the beginning of the year and mid-February 2021, Ethereum’s price increased by a remarkable 166%!

However, the Ethereum price live then took a tumble and consolidated until late-March 2021, when a bull run commenced that saw Ethereum rally 180% to reach all-time highs of $4381. This represented an increase of 496% since the beginning of 2021. At this point, market analysts were optimistic that Ethereum could go as far as it wanted, however this wasn’t to be.

Ethereum’s price dropped by around 60% in May 2021, which wasn’t actually due to factors directly related to them. The crypto market was drastically impacted by China’s crypto regulation, which banned financial and payment companies from providing crypto services. This was a massive shock to the crypto ecosystem and prompted most major altcoins to drop significantly.

This drop continued until July 2021, when Ethereum began showing some bullish momentum over the short term. Price has risen by around 86% during July and August, highlighting the incredible positive momentum that this crypto asset has shown. Ethereum’s price is showing no signs of stopping at the time of writing, prompting many to believe that all-time highs may be met once again.

Ethereum forecast over the long term is highly optimistic. If you are wondering how to buy cryptocurrency and are considering an investment in Ethereum, then now might be a great time to add this coin to your portfolio. The momentum in the market, combined with Ethereum’s solid use case, make this crypto one of the most exciting options in the future.

Unlike Bitcoin, Ethereum has use cases that can aid industries around the world. Due to the nature of Ethereum’s platform, major companies are rumoured to be considering a partnership with this cryptocurrency. Consensys.net recently reported that JPMorgan would be using Ethereum for their own digital token, which is a massive boost to Ethereum’s credibility.

Furthermore, the smart contracts that Ethereum can facilitate (which are vital components of dApps) are prompting more investors to lean towards Ethereum instead of alternatives such as XRP, Cardano, Litecoin, or Dogecoin. Finally, Ethereum 2.0 is rumoured to be released soon, which will increase transaction speed by an incredible amount, amongst other things.

With these points in mind, our Ethereum price prediction 2025 estimates that this coin will be valued at $10,000. Although this seems like a huge figure, the potential that Ethereum has sets this coin apart from many other competitors. I feel that the Ethereum platform has only really scratched the surface in terms of its capability, which could see this cryptocurrency overtake Bitcoin as the most valuable one going forward.

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