If you’ve been following the cryptocurrency market lately, you’re likely aware of the fact that Ethereum has made a 30 percent jump in recent days, marking a two-month high value, and shocking the overall crypto market. The price of Ethereum is $3,727.51 at the time of this writing, though that figure is obviously subject to change as the market continues to fluctuate. Given that ether has been all over the news in recent days, it’s only fair to assume a number of fresh eyes have been placed on the world of crypto investments.
So, let’s unpack what exactly Ethereum is, how it works, and examine the factors which led to this week’s historic leap. Furthermore, we’ll examine trends in the market and see if we can construct a comprehensive outline of where the decentralized currency will climb in the coming years. Without any further preamble, let’s take a moment to dive into Ethereum, its price, and its applications.
What Is Ethereum?
Like other hot cryptocurrencies on the market, Ethereum is a decentralized blockchain, which utilizes open-source software to regulate price without the control of government forces. The blockchain was first programmed by Vitalik Buterin in 2013, and has since grown to become one of the most commonly accepted cryptos on the market, second only to Bitcoin. Ethereum trades in a currency called ether, often abbreviated to ETH, and holds many investors all over the globe. Ether is designed to be programmable and secure, meaning it can be stored in an offline crypto wallet and used to purchase goods and services all over the world.
As one of the largest and most widely-recognized cryptocurrencies on the market, Ethereum is often utilized by those who are fresh into crypto trading, as well as seasoned veterans of the blockchain. Still, many traders were quite surprised to see that ETH had jumped so high this past week, as the fluctuating value seemingly came out of nowhere, at least to the untrained eye.
What Caused Ethereum To Rise?
Market fluctuations are normal for any form of currency, but have the potential to be especially volatile for the crypto market. Still, a 30 percent jump on a seemingly random Tuesday, combined with ETH being on the market for over a decade, makes this fluctuation quite a surprise. Regardless, those who have had their finger on the pulse saw this Ethereum bump coming, due to a pair of key factors.
For starters, the SEC is currently on pace to make a decision regarding spot Ethereum’s exchange-traded fund, (or ETF for short) which should make ether easier to trade than ever, and more accessible to the general market. If Ethereum’s ETF does reach final approval from the SEC, prices will undoubtedly soar even higher. The second major factor is simple, as the public has reacted to the impending decision, causing droves of investors to vie for an opportunity to invest greater total funds into ETH.
Basically, market trends were dictated to rise due to the recent upheaval the crypto coin is about to undergo, making investors more enthusiastic than ever to throw their money behind Ethereum funds. Bitcoin had a similar surge when it was approved by the SEC, so many crypto investors are currently hoping that their investment will see a similar meteoric rise.
How Much Will Ethereum Be Worth By The End Of 2024?
Due to intense market changes, it can be quite difficult to predict the value of any cryptocurrency in advance. Still, some experts have maintained a watchful eye of blockchains like Bitcoin and Ethereum, and managed to put together a comprehensive idea of where the market might take their value. According to Investing Haven, Ethereum was projected to level out somewhere between #2,222 and $3,597 before the recent ETF news. Bullish projections now see the coin reaching highs of $5,000 to $9,000 with any luck, though these figures are still wholly speculative.
The most important sign of Ethereum’s success is actually, somewhat surprisingly, the US dollar, as that is the highest source of ETH investments at this time. Experts have advised those interested in making crypto investments to follow the trend of the US dollar, and invest based on successes in that market, as announced by the federal reserve.
How Much Will One Ether Be Worth In 2030?
While short-term trends are nearly impossible to calculate, long-term trends suggest that Ethereum will continue to rise in the coming years, meaning it’s still likely a prudent move to invest now, despite the exponential increase of the past week. Per a financial report in Forbes, a single share of Ether could reach highs of $40,000 by the end of 2030. While this figure may seem astronomic, it was calculated using several key factors, including the safety and scalability of Ethereum, the comprehensive market strategy put forth by blockchain developers, and the rise of additional decentralized platforms.
While it can be quite scary to break into the world of crypto trading, Ethereum seems like it’s currently on track to be one of the most accessible high-yield investments in recent memory. Still, be sure to invest carefully if you do decide to engage with the crypto market. Do lots of independent research, interface with known and trusted advisors, and as always, never get out over your skis.
