• Ethereum (ETH) was founded in 2013 and started development in 2014.
• Ethereum recently gained bids above the $1,165 level against the U.S. Dollar, forming a base and slowly moving higher above the $1,180 level.
• The year 2022 was a difficult period for the crypto industry, as the whole market lost almost 64% in value, with Ethereum losing 68%.
Ethereum (ETH) is a leading smart contract blockchain network that traces its roots back to 2015, when Vitalik Buterin and a team of developers developed the Ethereum network. Ethereum was officially founded in 2013 and development started in 2014. During this time, the developers held a crowdfunding campaign in which 1 ETH was auctioned for $0.31.
In the last week, Ethereum has been exhibiting some positive signs, with the price of ETH registering good bids above the $1,165 level against the U.S. Dollar. The crypto has been forming a base and slowly moving higher above the $1,180 level. At the time of writing, Ethereum is trading at $1,263, after losing 0.12% in the last 24 hours. The second largest crypto recorded a 24-hour trading volume of $2.57 billion and a live market cap of $154.6 billion, putting it at #2 on CoinMarketCap.
The year 2022 was a tumultuous time for the crypto industry, with the whole market losing almost 64% of its value. Ethereum was not immune to these losses, as the crypto lost 68% of its value throughout the year. The Ethereum ecosystem underwent a major upgrade, dubbed The Merge, which saw Ethereum transition from the energy-intensive Proof-of-Work mechanism to a Proof-of-Stake (PoS) mechanism. The upgrade was highly anticipated by Ethereum supporters, as it would greatly reduce the energy consumption of the network and lead to more efficient transactions.
The Ethereum community is now hoping for a better year in 2023, with many investors expecting the price of Ethereum to rise to $1,400. The upgrade was successful and the network is now significantly more efficient, which could lead to increased investor confidence. Ethereum’s scalability and security are also improved, which could lead to increased usage of the network, and thus increased demand for ETH.
It is also worth noting that Ethereum has been gaining traction in the DeFi space, with many of the leading DeFi projects being built on the Ethereum network. This could lead to an influx of new users and investors in the Ethereum network, which would increase demand and drive up prices.
Overall, Ethereum is in a much better position than it was this time last year, and the crypto could be on the verge of a major breakout. It remains to be seen whether Ethereum will reach the $1,400 mark this year, but investors are optimistic that the crypto will continue its positive momentum.