Ethereum Price: How much is Ethereum worth today? Version 2.0 release date

As the cryptocurrency market continues to explode with Bitcoin hitting a new all-time high on Wednesday, cryptocurrency enthusiasts old and new are increasingly turning to Ethereum, the second-largest cryptocurrency and platform most popular in the world.

Ethereum’s price has soared, much like that of Bitcoin, over the past year, hitting an initial high of $4,000 during May’s crypto boom, before soaring again late October and early November.

But investors are now turning their attention to Ethereum price predictions as the cryptocurrency is set to be transformed by a seismic Proof of Stake upgrade in early 2022, in the form of Ethereum 2.0.

Here’s everything you need to know about cryptocurrency, including how much Ether is worth today, what Ethereum is, price predictions, and upcoming 2.0 releases.

What is Ethereum?

Initially launched in 2015, Ethereum is a public and open-source blockchain network that primarily facilitates the creation of decentralized digital applications (known as “Dapps”) and smart contracts – programs that automatically run on a blockchain when certain conditions are met. This may interest you: Advicenne Stock Health Check (EPA:ADVIC): How Carefully Does It Use Debt?.

Unlike the apps that many of us use every day, smart contracts are immune to the usual issues of regular app use, such as downtime and third-party interference.

Known for being “the world’s first programmable blockchain”, the Ethereum platform helps developers create decentralized applications intended to run on a network of computers or a blockchain, rather than being managed by a single authority.

But Ethereum also functions as a cryptocurrency, Ether, which can be bought, sold and traded like a digital currency on its own peer-to-peer (P2P) network – transactions being anonymous and verified by proof mechanisms. of work.

Developers who wish to build applications on Ethereum must pay fees, paid in Ether and commonly referred to as “gas fees”.

These have skyrocketed as Dapps developers have turned to the growing popularity and potential of decentralized applications, helping to take Ethereum’s value as a cryptocurrency and combo platform to new heights. .

The blockchain was created by Russian-Canadian programmer Vitalik Buterin, who recently revealed that his path to blockchain creation began in his childhood, when World of Warcraft producer Blizzard weakened his character’s spell. favorite in World of Warcraft.

“That day I realized what horrors centralized services can bring,” Buterin wrote on his biography.

How is Ethereum different from Bitcoin?

How is Ethereum different from Bitcoin?

Although the two cryptocurrencies share the same wave of popularity and support within the crypto community, Bitcoin and Ethereum have major differences. Read also: Buy ETH: Ethereum is preparing for another surge if it breaks this level.

Most notably, Bitcoin functions as a means of controlling cryptocurrency transactions and ownership on its blockchain, while Ethereum supports broader uses, such as smart contracts, digital asset development, and Dapps.

Ethereum’s public blockchain network also differs from Bitcoin’s as it plans to move to proof-of-stake (PoS) verification of blocks mined on the network instead of proof-of-work (PoW) verification. , currently used by Ethereum and Bitcoin.

Proof-of-work validation requires enormous amounts of computational energy. As the bitcoin blockchain grows, the mining process (verification of transactions added to the network as “blocks” in a chain of transactions in requiring computers to solve difficult cryptographic puzzles) requiring considerable electricity and power.

PoS verification allows transactions to be validated based on the number of coins and shares held by a miner, which determines their mining power on the blockchain and reduces power consumption seen in PoW.

What is the price of Ethereum today?

What is the price of Ethereum today?

As of 2:45 p.m. on Tuesday November 16, Ether was trading at $4,344.90 (£3,221.09) – down 8.25% over the past 24 hours – according to Coinbase. Read also: Bitcoin Price Prediction – Will BTC Price Drop Below $66,500 Anytime Soon? (Notice).

CoinMarketCap currently estimates that Ethereum’s trading volume has increased by 80% over the past 24 hours to $27,389,130,638, with a market capitalization of $514 billion, up from $54.51 billion a year ago.

According to data compiled by the ETC Group, the rise of Ethereum appears to have been fueled by increased sales of NFTs, which grew nearly 20,000% year-on-year.

Cryptocurrency market capitalization has increased by more than 10% over the past year as the trend of non-fungible crypto art and virtual item tokens has taken off, with NFTs underpinned by the Ethereum technology and traded with ETH.

The growth of Ethereum has led the most optimistic analysts in the cryptocurrency market to estimate that the cryptocurrency could reach a value of $5,000 by the end of 2021, while others Price predictions see the currency stabilizing at its current value of around $4,500 through 2022.

With the arrival of Ethereum 2.0, however, analysts such as Wallet Investor, with price predictions calculated by Machine Learning, predict that the average price of Ethereum could reach almost $8,000 by the end. of 2022, $10,000 in 2023 and more than $16,000 in 2025.

When is Ethereum 2.0 full release date expected?

When is Ethereum 2.0 full release date expected?

Ethereum 2.0 is the highly anticipated set of upgrades to the existing Ethereum blockchain and is used to describe the blockchain’s move to a PoS verification concept.

Also known as “Serenity”, the move to ETH2 is highly anticipated by cryptocurrency enthusiasts, as it aims to increase the speed, durability and scalability of transactions and performance of digital applications on the network. moving away from the existing Ethereum mainnet.

Parts of the transition to Ethereum 2.0 have already happened, such as the creation of the Beacon Chain as the underlying cooperation mechanism for the new PoS-based Ethereum blockchain.

But the merger between the existing Ethereum blockchain and the Beacon Chain has yet to happen, with developers expecting it to happen in the first or second quarter of next year.

“Sharding,” the final stage of the upgrade, designed to reduce network congestion and bottlenecks by dividing horizontal database transactions into new individual chains called “shards,” will take place after the merger in 2022.

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