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The possibility of Ethereum’s price hitting the $10,000 price before the end of the year remains a possibility. This comes after the recent resurgence in price that has seen it get to a new all-time high.
The recent price rally is an indicator of a coin with a lot of potential in the market. Created in 2014, Ethereum’s price growth is only second to bitcoin with a market valuation exceeding 5OO Billion dollars.
What is Ethereum?
Some refer to Ethereum as the best cryptocurrency network in the market. It is a network that supports peer-to-peer transactions through its currency Ether. It is also actively involved in the development of several blockchain solutions such as NFTS, Dapps, and Open Internet.
Ethereum has been the market leader in driving blockchain and cryptocurrency innovations. Such an example is the fast-growing concept of Non-fungible tokens that was first introduced by Ethereum in 2015.
Several factors are driving the growth of Ethereum prices.
With global inflation levels rising, investors are hedging their investments in cryptocurrencies. Due to its decentralized nature, cryptocurrency has become a haven.
As the second biggest crypto, It leads in the assets investors are considering. Inflation seems to be in no break. Hence, there is an expectation more funds will keep flowing into cryptos such as Ethereum.
Investors are getting away from traditional assets such as gold and embracing cryptocurrencies.
Non-Fungible Tokens Market growth
The NFT revolution is currently underway with Ethereum leading the pact. It was the first network to introduce them and continues to hold market leadership.
NFT enables transacting in digital assets through the capabilities of blockchain. As the market thrives, it will continue to give Ethereum more value helping drive its price higher.
Today, transactions worth millions of dollars happen every day in the NFT market. This can only grow going forward.
Ethereum has had fewer regulations as compared to some of its peers. This is a show of acceptability that is necessary for its growth.
Investors consider it a safer coin to invest in due to this element. There are also signs that governments are beginning to accept cryptocurrencies. Some examples include the government of El Salvador legalizing bitcoin and the US government approving the first bitcoin ETF.
These actions point to a possible future where cryptocurrencies are legal and investors are protected by the law.
Ethereum is embarking on a coin-burning strategy targeting a reduction of coins supply. This was achieved through the implementation of the London hard fork update earlier this year. So far, reports indicate Ether coins worth over $1 billion have already been burnt.
Managing the supply levels will help boost the price and probably push it towards the $10,000 mark soon.
Future of Ethereum
Ethereum is among the coins with the most potential in the market. Some analysts agree that it is the best cryptocurrency in the market and has the potential of taking over the leading position.
The $10,000 price remains within reach and this could happen before the end of the year.