In the world of virtual or digital assets, people often talk most about the trending and most popular cryptocurrency Bitcoin, but also closely keep an eye on Ethereum which is regarded as the world’s second largest cryptocurrency. There is no doubt that ETH is overshadowed by the world’s largest cryptocurrency BTC, but surely it has plenty to offer.
Crypto enthusiasts generally look at ETH as much more than just a digital token and believe it has a huge intrinsic value that offers unique earning opportunities for its investors. Investors had anticipated ETH to reach new heights following the Dencun upgrade, but the cryptocurrency continues its downward trend. As of May 6, 2024, the current value of Ethereum is $3,207, down by 34.56% from its all-time high and 0.70% high over the last seven days.
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Let’s dig deep into this guide to see what Ethereum’s future holds and whether it will continue to gain momentum in the coming years.
What Is Ethereum?
The world’s largest altcoin and the second-largest cryptocurrency, Ethereum, holds significance beyond being just a crypto token. It is widely recognized outside the crypto community for its advanced features and innovative blockchain solutions.
ETH operates as an open-source blockchain with smart contract functionality, primarily applied in the realm of decentralized finance (DeFi). Ethereum functions more like a network that is continually updated and maintained by validators who receive ETH as compensation for their contributions and efforts.
Many experts envision ETH reaching a valuation of $40,000 by 2030. While this might seem ambitious, it is not entirely implausible. Several compelling factors, such as its comprehensive market strategy, unique model, scalability solutions, and leadership in various decentralized applications, have positioned ETH at the forefront of the cryptocurrency landscape.
Ethereum Overview
| Market Price | $3,202 | |
| Price Change 7 days | 0.80% | |
| Market Capitalization | $385.22 billion | |
| Circulating Supply | 120,099,597 ETH | |
| Volume (24h) | 2.39% | |
| All-Time High | $4891.70 | |
| All-Time Low | $0.4209 | |
| (As of May 6, 2024) | ||
| Source: CoinMarketCap | ||
Key Use Cases of Ethereum
Ethereum has played a vital role in expanding blockchain technology, offering blockchain projects, faster transactions, enhanced efficiency and decentralized applications to industries across the globe. Let’s take a look at the key use cases of ETH which are extensive and expanding at a very fast pace:
- Decentralized Finance (De-Fi)
- Decentralized Autonomous Organizations (DAOs)
- Smart Contracts
- Non-Fungible Tokens (NFTs)
- Decentralized apps or Dapps.
In short, there are many sectors in which Ethereum is creating value and offering utility. Industries from entertainment to real estate and even the healthcare sector, are creating apps and tools based on the blockchain solutions provided by ETH.
To understand where Ethereum will go next and to gain a better understanding of its forecast, you need to first comprehend its unique model, which is unlike other cryptocurrencies.
Understanding the Functioning of Ethereum
The network began its operation by using a consensus mechanism which initially involved proof-of-work, but in 2022 it switched to proof-of-stake. The PoS consensus mechanism is considered to be extra secure which tends to use less energy and is much more efficient for implementing scaling solutions as compared to the previous model.
The validators are allowed to stake capital in the form of Ethereum in the current model and join the network where this stake ETH acts as collateral. Once it is activated, validators receive new blocks from their peers on the ETH network, then they are responsible for sending it out to other nodes on the network.
Furthermore, validator nodes vote on the validity of a new block of transactions, thus it collectively ensures that new blocks are authentic and in force before adding them permanently to the main blockchain. Then, out of these nodes, one node is selected as the “block proposer” for the current time slot, which is highly responsible for building the new block of transactions.
A PoS is much better than PoW, as it does not use heavy computational power to solve a riddle. But, in the PoS system, the node validates the new transactions itself and stakes its value as collateral. These nodes then run competently to avoid losing that collateral.
With the “Ethereum merge” now complete after years of hard work, Ethereum’s transition to PoS is finally active. Now with this crucial change, the Ethereum network instead of using “miners” started to use “validators” to approve, create and add blocks to the blockchain.
Where Could Ethereum Reach Next?
Ethereum holds a bright future as it is not just a transactional currency but eventually, it is on the path of establishing itself as a “store of value” for those entities which are looking to optimize their wealth. ETH functions very well with DApps, NFTs, smart contracts, and DeFi and the list keeps growing every year.
As long as the network keeps becoming stronger and the ETH team continues to develop innovative features, its investors will likely continue to grow in the years to come. Let’s check out the long-term price predictions of Ethereum.
Ethereum Prediction for 2024, 2025 and 2030
As of May 6, 2024, Ethereum is trading at $3,202, with a market capitalization of $384.09 billion. The currency has exhibited significant growth following the Shapella upgrade in April 2023 and has experienced a substantial increase from $2,100 to $4,000. However, the Dencun upgrade has not significantly impacted the cryptocurrency’s value. ETH is down by 3.92% from the past month.
The ongoing interest in Spot Bitcoin ETFs has spurred anticipation Ethereum ETFs may also get an approval. Following the Dencun upgrade that was launched on March 13, 2024, the total supply has declined and the upgrade did not bolster the surge that the market had anticipated. ETH has increased 0.80% in the last seven days and 1.78% in the last 24 hours.
Read more about the Dencun upgrade: Why is Ethereum Going Up Today?
According to Cryptonewz, by the end of the current year 2024, ETH will touch $5,000. By the year 2025, Ethereum is expected to reach the maximum level of $6,500 with a minimum of $ 4,500 and an average of $5,500. And by the year 2030, it is expected that it may go up to a maximum of $20,500.
The current year will witness the Dencun upgrade, which is anticipated to positively boost the value of ETH. Also, Bitcoin Halving can also be a contributing element to the growth of the ETH trading value. If ETH keeps on growing, it has the potential to overcome its all-time high.
According to a blog by a leading cryptocurrency exchange CoinDCX, it is anticipated that 2024 may lay a firm foundation for ETH’s upward movement. The upswing could intensify, potentially pushing prices to surpass the crucial $10,000 and setting a new all-time high. But, bearish activity could increase as these levels are breached leading to promoting a modest pullback. By the year-end, the pullback will witness a downtrend and eventually the year will close in the range of $5,000.
At the beginning of the year 2030, ETH price could reclaim its position of $10,000 and probably above the level, establishing a robust upward trend. ETH might even bypass this all-time high of around $12,000 levels and set a new record. But, again after reaching this peak, a crucial pullback might ensue. The year for ETH will reflect the dynamic interplay of encompassing bullish surges, market forces and bearish adjustments. By the end of the year, it might range around $9,000 to $9,500.
Will Ethereum ever Outperform Bitcoin?
Given the highly volatile nature of the crypto market, various possibilities exist in the realm of cryptocurrencies, including the potential for Ethereum to surpass Bitcoin. As witnessed in 2021, ETH outperformed BTC, gaining nearly 400% compared to Bitcoin’s 66%.
Experts acknowledge that due to several use cases and its unique blockchain, Ethereum has a stable future, and there is a chance it may perform exceptionally well compared to Bitcoin. However, it is considered highly unlikely for Ethereum to surpass the price of Bitcoin. Nevertheless, ETH has the potential to reach a comparable market capitalization with BTC, notably due to its uncapped supply, unlike Bitcoin.
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Bottom Line
Several crypto experts have analyzed the performance of Ethereum since its inception and knowing its capabilities they strongly believe that ETH is here to stay because of its firm fundamentals and potentiality.
The continuous growth of Ethereum and its constant upgrades has led many to predict that this year 2024 and upcoming years will be great for the token as rising confidence in the technology and blockchain solutions will surely let ETH to the moon and investors holding ETH for long will not be wrecked.
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