Over the last 7 days Etherium has been moving upwards very quickly and cryptocurrency investors are wondering if it could hit the $1,400 price high again before the end of 2020. More investors are moving into DeFi and with increased interest comes new investors. The rise in yield farming is turning a lot of heads in the industry.
Ethereum is an open source blockchain technology platform that carries out secure crypto deals. This open source blockchain is referred to as a decentralized application, otherwise described as a dApp.
The Ethereum platform also supports lots of other cryptocurrencies. A lot of these cryptos are active in the decentralized financing (DeFi) market– a fast-growing sector that provides services such as loans, insurance coverage, and cost savings programs devoid of the tethers of big banks and other centralized companies.
Throughout 2020 up until now, Ethereum has processed $13.5 billion worth of decentralized exchanges. As the need for more decentralized services continues to grow, Ethereum will gain from the success of the altcoins which are operated on its platform.
First introduced in 2014, Ethereum is one of the world’s oldest altcoins. It’s also the most effective. Ethereum is often utilized as a catch-all term, it’s in fact the name of the blockchain network which its native currency (the Ether, ETH) runs on. This network uses clever contracts to carry out deals that are 100% secure. Unlike Bitcoin, there is no repaired supply of Ether, which means it’s a lot more scalable than other crypto options. This is simply among the reasons why lots of financiers believe Ethereum will eventually exceed Bitcoin.
Some crypto traders are saying that Ether could reach as high as $35,000 by 2025.