Experts predict that the Ethereum cryptocurrency will be making big jumps in value in these coming weeks. Investors have a lot to look forward to with Ethereum's new upgrades, features, and long-term plans.
Cryptocurrencies are gaining popularity at a rapid pace, primarily because cryptocurrencies are currently being used for digital transactions such as the non-fungible tokens (NFT). Cryptos are also a hotspot for investment because of their explosive market value, such as the recent news on Dogecoin.
Ethereum is the second most traded cryptocurrency after Bitcoin, and over the years, it has gained stability and security with its transactions. Unfortunately, Ethereum had a lousy weekend where the market value seemed to drop. However, further investigation reveals that this might be the period of the "calm before the storm."
Ethereum's value is on the rise even if its trade value has temporarily dropped. Forbes reported a relentless spot bid in ETH for the last few weeks that opened the cryptocurrency's interest and increased its price.
It is also growing, with its developers building the decentralized finance (DeFi) applications for the Ethereum blockchain platform. In addition, ETH actively interacts with new technologies, helping people who use its currency to get involved with communities and protocols that raise ETH value.
Business Insider reported that Former Ark Invest analyst James Wang predicts ETH could reach a price value of $40,000. Other crypto analysts see the price doubling. By the end of 2021, ETH is expected to at least hit over $8,000 per coin, per Forbes.
Ethereum and its ETH coins are predicted to continuously rise in value because of its platform's "open source" nature, similar to how Google and its Play Store continue to grow.
However, Ethereum is taking security measures against malicious attacks from some cryptominers. Coinmarketcap added that an update on the Ethereum network known as "Ethereum Improvement Proposal 1559" incurs a transaction fee from its users. This is compared to a toll fee for the traders whenever they gain access to Ethereum's network, computer systems, and immutable cloud servers that verify every transaction you make in ETH.
Note, however, that developers need to pay when building their application on the Ethereum Network. Although expensive, Ethereum is building up to long-term stability and investing in its future.
If you ever tried investing $100 in ETH back in December 2015, you could have owned $125,000 today! Fortunately, Ethereum still plans to build up its success with what is predicted to be a 100 percent rise, or even 10,000 percent rise in five years.
If you plan on investing in Ethereum, now might be the best time. However, also remember that there are thousands of crypto losers out there. The cryptocurrency market remains erratic, where trading could suddenly rise and fall. Take this prediction with a grain of salt when analyzing Ethereum's possible price boost.
Related Article: Ethereum Mining Sees Soaring Profits: ETH Miners Making $10 Million More Than Bitcoin Miners!