Will Ethereum Overcome the Recession in 2020?
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Ethereum remains one of the top cryptocurrencies in the blockchain ecosystem. The smarts contracts front runner is presently the second most popular cryptocurrency behind bitcoin.
Today, with respect to market sentiments and various discrepancies on Eth price predictions, we submit our unreserved opinion about future Eth price and what circumstances may aid the process.
What Is Ethereum?
Ethereum is a decentralized open-source blockchain underlining smart contract functionality. Ether (ETH) is the native cryptocurrency created by Ethereum miners as a dividend for calculations conducted to protect the blockchain.
The Ethereum blockchain currently accommodates over 260,000 different cryptocurrencies, 47 of which are among the top 100 cryptocurrencies by market capitalization.
Ethereum was suggested in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. The development of the Ethereum blockchain was funded by an online crowdsale conducted between July and August 2014. The network then started to function on 30 July 2015. As of then, 72 million coins were minted. This reports for about 65 percent of the total circulating supply in April 2020.
Ethereum Price Today
Although Eth has been a bit slow, following the newest alt season narrative that has captured the markets with great excitement, Eth is seen to have been gearing up recently.
Within the last 24 hours, gaining around 8% against its USD trading pair, the top cryptocurrency has waved towards the $250 corner. And more upside seems to be expected by traders.
Market sentiments seem overly bullish as 96% of market respondents remain optimistic about Ethereum. According to price derived from Decentralized exchanges like ChangeNow, Ethereum is currently trading at $262.
As of present, Ethereum is trading at $262 per unit of the coin with a market cap of $29 billion. Exchange volume has also risen within the same timeframe, this is valued around $7.3 billion.
Ethereum Price Technical Analysis
Analyzing a few aspects Ethereum (ETH) saw a relative weakness in 2019. As there was a delay in it’s Constantinople hard fork in January which saw a postponement in October 2018. But it is now successfully forked on Feb 28.
Despite all this, the Ethereum platform still hosts high gas fees for transactions, while TRON has no gas fees. Having such scalability issues and other problems left Ethereum with many dApps and few users.
EOS, TRON, and Steem have a greater number of active dApps than Ethereum. These are the four contenders of the dApp race where Ethereum appears to be lacking.
However, the overall crypto market in 2018 suffered a downfall, ETH has completely dropped in value — losing over 90 percent of its value compared to its all-time high.
In 2019 Eth saw a good start in January, but slowly the value dropped to $104 at the end of January, later with Eth reaching $164 in February, it was moving slowly with steady growth.
In March 2019 saw a start at $138 USD. Later the price rose to around $340 in July. Currently, the ETH price is around $187. 2019 was a year of fluctuation for ETH.
Ethereum price followed a declining structure against the US Dollar and Bitcoin in 2019. After keeping a pace in between the $133 and the $134 resistance, ETH price came down slowly against the US Dollar. Ethereum price saw a gradual decrease from March 6 to March 12, 2019.
On March 16, it reached a high value of nearly $143. At the time of writing, it was trading upwards. In April, it reached a high value of nearly $184.
Ethereum Price Prediction 2020
Ethereum in 2020 has faced many hurdles that have kept its price swinging between successive intervals. However, Eth price remains within stable limits, thereby giving hope of a better price return in the future.
Ethereum has enjoyed one year gain around 20.5%. Also, the coin is up by around 7.8% in the last 30 days and by 10% within the last week.
Further in 2020, Eth forecast speculates that Ethereum may touch around $350 to $500 by the end of 2020.
Ethereum Price Prediction 2021
In 2021, Ethereum will see an explosive growth of about 200% and the price will be around $750 by December of the year. This will be aided by the market takeover of Defi projects which employs the use of smart contracts built on the ethereum blockchain.
Ethereum Five (5) Years Price Prediction
In the next five years, Ethereum is predicted to see a price plunge to around $125. This is according to market watchers who believe that the top crypto will see less and less importance in the future.
Ethereum Price Market Prediction
- #1. Wallet Investor: Online prediction website, Wallet Investor investor predicts that Ethereum price will plunge to $184 in 2020 and to $125 by the end of 2021
- #2. Trading Beast: This expert website also went bearish on Ethereum. According to them, the Eth price will fall as low as $128.9 by the end of this year.
- #3. Crypto Ground: Bullish on Eth price, they predict that the cryptocurrency will trade at $1,445 by the end of 2025.
- #4. Digital Coin Price: According to DCP, Eth price 2020 will be around $500 in one year’s time. This is perhaps the most bullish Eth price prediction offered in the market.
Influencer Ethereum Price Prediction
#1. Alexis Ohanian, Reddit Co-founder, this Ethereum prediction price will grow due to buildings on top of its blockchain. In the end, Alexis told Fortune that the price will be $1,500.
#2. Crypto Dog: The famous crypto analyst releases an indirect prediction earlier this year, stating that Ethereum looked bullish in the long term.
#3. Brian Schuster: Founder of Ark Capital LLC, predicts that Eth may reach $100,000 by the end of 2025. He said this in addition to believing that Eth is more like Gold, a store of value.
Our Eth Price Prediction
Owing to various market sentiments, we stay bullish on Eth in the long term. We think Eth price may touch as high as $400 by the end of 2020 and may reach $750 by 2021.
Ethereum News
#1. Ethereum To Launch Phase zero Genesis In 2020
According to Vitalik Buterin, Ethereum Co-founder, the network will at least two clients for their much-anticipated network upgrade in 2020. Vitalik expressed more optimism by saying that more clients may even be approved in the same time period.
#2. Attachnets
Eth 2.0 developers have also lately published guidelines for “attachments” detailed with $5,000 bounties for stress testing the network.
The attacknets will facilitate complete each client’s specification – composed in different programming languages – before launch.
#3. Messari Report
This detailed the fact that Ethereum has flipped bitcoin to become the most used cryptocurrency in recent times. Although the report entails the transfer of other ERC-20-compatible tokens using Eth as gas fees.
FAQ’s
- What Is Ethereum?
Ethereum is a decentralized open-source blockchain underlining smart contract functionality.
- What Is Ethereum 2.0?
Ethereum 2.0, also called Eth2 or ‘Serenity’, is the next upgrade to the Ethereum blockchain. Ethereum 2.0 will be released in multiple “Phases” starting in 2020 with Phase 0.
- What Is The Release Date Of Eth 2.0?
Phase 0 of Ethereum 2.0 will launch in 2020. Phase 1 is anticipated in 2021. Phase 2 and beyond are anticipated for 2021 or later.
