When someone mentions cryptocurrencies, most people immediately think about Bitcoin. At the same time, we can see that many people believe that it is the only one. But we can see that the situation is widely different from that opinion. In fact, there are numerous cryptos, old and new, that can be found on the market. One of the most popular ones is Ethereum.
We can see that it is the second-best performing one on the market, after BTC, of course. Many experts believe that it will remain one of the most valuable ones for many years to come. Not only that, we can see that the interest traders have in it has been rising significantly along with its price. We can see that the beginning wasn’t so good for this one.
However, it managed to overcome all the obstacles and cement its second place in the world of cryptocurrencies. As is the case with any crypto, traders need to use a trading app to make the process as smooth as possible. In case you are interested in using one of these, take a look at thebitqtapp.com/de/login. The predictions about Ethereum’s value are pretty optimistic. Let’s take a look at Ethereum’s basics and what we can expect from it in 2023.
As is the case with Bitcoin, we can see that Ethereum is a distinct blockchain with its crypto. But that doesn’t mean that these two cryptos don’t have a way of corresponding. Naturally, both of these cryptos are decentralized, and they are backed by no higher authority. Furthermore, both have fast, accurate, and transparent transactions. When it comes to the value, it can be just as volatile as BTC’s.
But we can see that Ethereum is a technology that can do much more than that. What many people don’t understand is that it offers smart contract technology. It means that it represents a safe way of closing digital contracts without building mutual trust before that. Plus, we can see that Ethereum’s transactions tend to be faster than BTC’s.
Ethereum in 2023
There’s no person in the world who didn’t hear about Bitcoin’s story in 2023. From just over $3,000 per coin in March to $24,000 in December. Of course, in 2023 it grew by more than 2023. However, many people don’t know how Ethereum’s performance looked like in 2023. It can be said that it was pretty similar to the one we could see with Bitcoin.
At the beginning of the year, its value was $130. There was a rise until the end of February when it reached $284. However, the march was fatal to its value in the same way as it was to Bitcoin. In March, Ethereum’s value dropped to $106. Thankfully, this drop didn’t last for too long, and it started picking up at the end of April. In September, it reached a price of $483.
At that moment, the market capitalization was around $54 billion, which was an all-time high. At the end of September, the price dropped down once again, to $322. Once again, that didn’t last for too long. At the end of December, the price grew more than 50% and it reached $673. As we can see, its performance was a pretty interesting one in 2023.
What Was the Reason Behind Its Rise in 2023?
Naturally, ETH’s value is not near the BTC’s value, and it will probably never reach it. However, that doesn’t mean that it didn’t get popular in the last couple of years. We can see that one of the biggest factors in its growth was that a lot of online casinos started using it as a method of payment. With online gambling’s growth in 2023, it’s no wonder it managed to attract so much attention.
Furthermore, we can see that PayPal adopted cryptocurrencies, mainly BTC and ETH. After they were adopted by PayPal, many other companies followed this example. Among companies that adopted Ethereum, you can find some of the most prominent ones like JP Morgan, Microsoft Azure, Ubisoft, and Amazon.
How High Will Its Price Go in 2023?
As you can presume, the predictions about ETH’s value in 2023 are differing from expert to expert. However, we can see that the majority of them agree on the fact that it will, at least, reach $2,000. There are several reasons why this might happen.
Ethereum Becomes “Digital Oil”
If you know a thing or two about BTC, you surely heard people drawing an analogy between it and the US dollar. In the case of ETH, we can see that many people have drawn an analogy to oil.
Nowadays, it’s not uncommon to see experts address it as digital oil. According to the predictions, 2023 will be the year when ETH will cement its place as the future substratum of the global digital economy.
The Introduction of Ethereum 2.0
At the end of 2023, we can see that the community behind it started a trial version of Ethereum 2.0. What does it mean?
The network will experience some upgrading. According to experts, it will go from proof-to-work to proof-to-stake. By doing that, ETH will be able to run much faster without using too much computing power in this process. In 2023, this version will go live.
We’ve mentioned that 2023 was the year when some of the biggest companies in the world decided to include ETH as a method of payment. We can see that many other companies stated that they plan to do the same in 2023. Surely, this adoption will play a vital role in ETH’s future price growth.
As you can see, the majority of experts say that Ethereum will reach $2,000 in 2023. While it doesn’t look as impressive as BTC’s value, believe us, this is quite an achievement. Here, you can read about some of the most important reasons why it will reach this value. Without any doubt, we are talking about a cryptocurrency that has a lot to offer in the future, and we will be able to witness it sooner than later.