Is $5,000 possible for ETH?

Not so long two months ago, Ethereum, second in cryptocurrency capitalization—just under Bitcoin, almost reached $5,000…

Is $5,000 possible for ETH?

Not so long two months ago, Ethereum, second in cryptocurrency capitalization—just under Bitcoin, almost reached $5,000.

Last November, Ethereum’s price just went up high below $4,900. Reaching the speculated $5,000 price is possible for Ethereum, but when?

Cryptocurrencies in the market are known to behave the worst in volatility. However, many traders are becoming millionaires thanks to the high prices when a coin is still premature when launched.

Total value locked’ is the most used metric in examining the cryptocurrency’s total number of assets currently staked. Ethereum holds 60% of assets held in decentralized finance (DeFi). Now, that’s been shrinking due to another protocol’s cost-effective concept, the proof of stake protocol.

Smarts contracts made by Ethereum’s blockchain allowed the creation of thousands of applications. The apps alone contribute to the pumping performance of Ethereum’s price, but other cryptocurrencies offering newer features and improvements mainly in cutting transactions costs or gas fees impacts its value. This forces traders to switch to another blockchain for lesser charges, neglecting the blockchain of Ethereum on the other side.

Ethereum’s 2.0 will be using a proof of stake protocol (Ethereum mainly uses proof of work protocol), possibly impacting the current price and reaching a new all-time high again.

Sources

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