• Ethereum (ETH) was founded in 2013, and developments started in 2014.
• In the past week, Ethereum price has 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.
• 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, the second largest cryptocurrency in the world, has been garnering attention since its inception in 2013. The blockchain platform was developed by Vitalik Buterin and a team of developers with the aim of creating a decentralized platform for smart contracts, decentralized applications and more.
Since 2015, when 1 ETH was auctioned for $0.31 as part of the developers‘ crowdfunding campaign, Ethereum has made great strides. 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. Ethereum was no exception, as the smart contract crypto lost 68% in the year. However, Ethereum saw a huge upgrade, dubbed The Merge, when it transitioned from the energy-intensive Proof-of-Work mechanism to a Proof-of-Stake (PoS) mechanism. This upgrade has been embraced by Ethereum supporters, as it is expected to result in a much more efficient and secure blockchain.
In addition to this upgrade, Ethereum developers have been working hard to improve the platform’s scalability, security and interoperability. Ethereum has also been exploring the use of Layer-2 solutions like zk-rollups and Optimistic Rollups to address scalability and transaction costs. These solutions have been met with great enthusiasm and are expected to increase the platform’s appeal to users.
Ethereum investors are hoping for things to turn positive in 2023, as the crypto market looks set for a rebound. Ethereum’s increasing use as a store of value and medium of exchange could be a major driver of the crypto’s growth this year. With Ethereum’s growing adoption and the implementation of various upgrades and solutions, the wise investor will keep their eyes peeled for any potential opportunities to capitalize on Ethereum’s potential.