Ethereum has seen its price rise 12% in the last seven days.
What is Ethereum?
Ethereum is a community-managed blockchain system that can run smart contracts and host decentralized applications (Dapps). The ETH cryptocurrency powers and secures the network and can be used in applications and to pay gas fees.
The Ethereum network is worth nearly $ 64 billion locked in decentralized finance (DeFi). ETH has seen a $ 40 billion trading volume in the last 24 hours as traders increase buying pressure.
To put this in perspective, the price of ETH has risen 10.7% in the last 30 days.
The Ethereum whitepaper was written in 2013 by Vitalik Buterin and his other co-founders have founded other successful projects. Gavin Wood created Polkadot, Charles Hoskinson is the founder of Cardano, and Joseph Lubin founded ConsenSys.
Where can I buy Ethereum?
By registering with eToro, traders can buy, sell, and trade ETH using the platform’s many trading resources and use the trade copy platform to follow other ETH traders. eToro also offers many stocks, shares, and other cryptocurrencies, so it’s worth signing up if you’re looking for a place to start your trading journey.
Coin Kong connects clients with the most premium brokers available in their countries and automatically lists those that offer the lowest commission offers. In addition to ETH, it offers hundreds of newer altcoins and ICOs. Please note that this platform is only available to non-US customers.
How is Ethereum different from Bitcoin?
After Bitcoin, Ethereum is the second largest currency by market capitalization and one of the most common cryptocurrencies in investment portfolios. However, unlike Bitcoin, Ethereum has a smart contract functionality, which means that it can host Dapps.
Tesla and Bitcoin pic.twitter.com/YSswJmVZhP
– Elon Musk (@elonmusk) May 12, 2021
Many people have raised concerns about the environmental impact of Bitcoin’s power-hungry proof-of-work consensus mechanism. Although Ethereum is currently running on proof of work as well, it is in the process of being upgraded to Ethereum 2.0, which will mean transition to proof of stake and a 99.95% reduction in power usage.
The anticipation surrounding this update and the incredible growth of Ethereum’s DeFi ecosystem have many believe that ETH will outpace BTC in this bull cycle.