Bears have mercilessly devoured the beta coin and things aren’t looking great for Ethereum as it drops below the $2,000 mark on different prominent exchanges.
For the first time in a month, Ethereum has fallen briefly below $2,000. Before it became accustomed to the price in April once to mid-April and then again in mid-May. However, each slump only persisted in mere hours.
Launched at the end of July 2015, Ethereum popularized the usage of smart contracts. From smart contracts came the Non Fungible Tokens, (NFTs): unique cryptos based on Ethereum. NFTs began a fad that helped Ethereum spike to $4,000 early this year.
Non-fungible tokens are popularly known as a way of digitally selling art since each token is considered and proven to be one-of-a-kind. People sold a cluster of JPEGs as NFT for $69 million in March this year.
The Bulls’ visit to Ethereum motivated the development of Decentralized Autonomous Organizations. DAOs use automated decision-making processes with the help of smart contracts allowing an anonymous group of people to run themselves as real organizations/firms.
Despite hackers draining the original DAO $55 million in 201, DAOs are now the base of decentralized finance – Defi. Olaf Carlson, Polychain’s CEO and former Coinbase employee estimate that the DAO has raised around $75 billion since its inception. He calls it, “the second big breakthrough in blockchain after digital cash.”
Ethereum or Web 2.0 is will drop later in 2021. The improvement promises lower fees, faster transaction processing, and a reduction in mining energy by more than 99% as the network moves from proof-of-work consensus to a proof-of-stake consensus model.
Although things are currently looking glim for Ethereum, its long history proves it’s a precious part of the ever-diversifying crypto-sphere.
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