In the cryptocurrency world, Ethereum network (Ether ETH) does not need an introduction. This is because it is the second most popular digital currency after Bitcoin (BTC). This cryptocurrency has a huge fan base and it is growing by the day because of the reasons below:
Well-Established Software Platform
Ethereum is the largest open-ended platform in the market right now. It is well-established and it has a great decentralized platform. This coin allows the deployment of dApps and it has very little downtime or interference from third parties.
Ethereum Price Analysis, this coin came into existence in 2015 and in a few years, it has become one of the most reputable cryptocurrencies out there. This is because the price has continued to rise over the years. At the time of writing, Ethereum has a market capitalization of over $23.2 billion and its current trading volume exceeds $12.9 billion. Most informed analysts in the cryptocurrency world believe that this price of Ether ETH is likely to rise because of the reasons.
The Boom and Recession Cycle
In the business world, a boom follows a recession and a recession follows a boom. This is also applicable to the stock market and the cryptocurrency world. When a particular crytocurrency has experienced a boom for a while, the price will begin to dip after a while. On the other hand, after a period of price appreciation, there is likely to be a downward trend. In the case of Ethereum, the indicators point to a rise in the price of this cryptocurrency. This is because the year 2019 was not a very good one for the currency. In June 2019, the price of Ethereum hit a high of $351. However, by However, by January 1 2020, the price had fallen to $136.55. At the time of writing this article (July 20202), Ethereum is trading at $275.13 and most analysts believe the price will hit the $350 mark before the end of the end of the year.
The Corona Effect
The Covid-19 virus has had a serious effect on the global business climate. However, the worst is about over and the global economy is recovering now. This means that the price of Ethereum will rise as more people invest in this stock.
Final Word
Smart investors see Ethereum Price Analysis as the perfect alternative to Bitcoin and this is why many people are buying this cryptocurrency. This is the right time to invest in Ethereum because the price of this cryptocurrency is likely to rise.
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