Alan Draper
Clickout Media LTD
In recent months, Ethereum has gone through lots of price changes, and it has gained enormous attention from investors, especially since the Merge became live. Some experts believe that this could lead to it surpassing $4K again in 2022!
In this article, we will elaborate on the reasons why the price of Ethereum could break free soon, but we will also mention the two most popular projects at the moment that are gaining lots of attention from investors – IMPT and TAMA.
3 reasons why ETH price could explode
Ethereum is a popular cryptocurrency with $9 billion in trading volume every day. It's often used to make transactions, both large and small, that improve people's lives all around the world through smart contracts. Thousands of investors worldwide are faithful to Ethereum, and there are many others who would like to invest but are not sure what will happen in the future with it, so here are the reasons why it has a bright future ahead!
1. Ethereum's ecosystem is very functional
Ethereum is the world's first functional blockchain, allowing for smart contracts to be built on top of its network. Smart Contract execution happens automatically when two unrelated parties meet certain conditions in a transaction and eliminates all need for middlemen like banks or other authorities that would usually perform these functions. The Ethereum Virtual Machine runs these intelligent contract programs making the process smooth and without issues.
The Ethereum blockchain has been attracting a lot of attention from developers and engineers because it was created with the sole purpose to enable building applications, tokens and execute many other actions. This means that instead of focusing solely on scalability, they are also working hard towards improving functionality like programming languages or decentralized applications (DApps).
2. There will be improvements
The Ethereum Merge constitutes a revolution in the crypto world. With this, all users are now able to enjoy security and stability as well increased scalability thanks also to its innovative consensus mechanism. Ethereum is now more energy efficient than ever before with the switch to proof-of-stake. This means that it will be able to save 99% on its power consumption, which could eventually lead to the possibility of the EU banning protocols that use PoW (proof of work).
In addition, we can expect more changes to occur down the line. The Merge is only one of many steps that we can expect to occur in the development of the Ethereum ecosystem. It is already announced that shard chains will become available in the near future. Sharding is a system of splitting up the entire Ethereum network and creating many shards, each containing its own independent state. This means that instead of using one main blockchain, there will be multiple blockchains with different sets of entirely new smart contracts for users to use, which will certainly attract many new investors and impact its price in the future.
3. Ethereum's NFT dominance is evident
With Ethereum's dominance in the NFT sector standing at 90%, it is not surprising that many developers turn to this versatile crypto for their new projects. When we turn the percentages into the money figure – it is $645 million out of the entire NFT trading volume for the third quarter of 2023. According to Jonathan Merry, CEO of CryptoMonday, Ethereum has established itself as the go-to blockchain for developers seeking to build decentralized applications (Dapp) on it. The reason why so many people are investing in this technology is that they see its ability and its potential, which is why despite the occasional price dips, many investors still have no doubts about Ethereum.
All of these factors may lead to a price increase in the following months, which will certainly make many investors happy. The price of ETH today is $1,327.69, and there has been a 0.82% price increase in the last 24 hours. It is left for us to see how the price will change in the months to come. In the meantime, lots of investors choose to invest in the two most potent projects on the market right now – IMPT and TAMA.
IMPT presale continues very successfully
With climate change being one of the most pressing issues currently facing humanity, it's no wonder that green cryptocurrencies are becoming increasingly popular. One such cryptocurrency is IMPT which uses blockchain technology in order to help people reduce carbon footprint through IMPT platform! With innovative approaches towards sustainability worldwide recognized by experts everywhere, IMPT presale is extremely popular. From October 3rd, when the presale started, $5,5 million have already been raised, which just shows how big of a potential this project has.
Tamadoge attracts new investors daily
Tamadoge is an innovative cryptocurrency that helps investors have a little fun while also earning. It's one of this year's most popular coins with its eco-friendly status, successful presale (which raised $19 million), and listing on the OKX exchange. Together with MEXC & LBank listings, there is no doubt that Tamadoge popularity is on the rise.
With the NFT collection that will be released soon and the Arcade games that also become available, there is a lot to look forward to. The players will get a chance to mint their pets and care for them until they become ready for battle. With lots of features, it's no wonder why its popularity won't weaken any time soon.
Conclusion
It hasn't been easy for crypto investors in the past few months because of the many changes we could see and the volatility we have witnessed. Ethereum's price has dipped and spiked many times, but it keeps attracting the attention of investors because of the functionality of its ecosystem and the changes we can expect in the future. For the investors who are not so eager to wait for the price of ETH to rise, there are IMPT and TAMA that are securing their position on the market extremely fast!
This article is sponsored by FINIXIO
This is a sponsored post. The opinions expressed in this article are those of the author and do not necessarily reflect the views of FXStreet. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
ETF News provides quality insights in the form of financial guides and video tutorials on buying and investing in stocks. We compare the top providers and provide detailed insight into their product offerings. We do not advise or recommend any provider but want to enable our readers to make informed decisions and trade on their own responsibility. Contracts for Difference (“CFDs”) are leveraged products and carry a significant risk of loss for your capital. Up to 67 % of retail investor accounts lose money trading with the brokers compared on this website. Please make sure you fully understand the risks and seek independent advice. By continuing to use this website, you agree to our Privacy Policy.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.