Ethereum’s rise to popularity has been a long one, but it still remains a bull market despite its setbacks. Scroll down to see why we believe this cryptocurrency is going to have a great future in this post!
What Are dApps?
As our society begins to evolve, so does the quality of existing technology. Thanks to blockchain technology, the traditional applications have evolved into dApps. In order to be classified as a dApp, an application needs to fit the following criteria:
- Open Source: Your dApplication needs to have a source code that’s available for everyone to see. Most ICO projects show their source code on repository sites such as GitHub.
- Decentralized: dApps use blockchain technology in order to publically record each operation. These operations are stored on a decentralized and public blockchain to avoid the issues of centralization.
- Incentivized: Every dApp have their own native currency that gives users the incentive for using it.
- Protocol: dApps have to have an inbuilt consensus mechanism and a method of generating tokens.
And we have seen the rise in dApp deployment and popularity. As of now, over 1,000 Ethereum dApps have been launched since 2017. This is interesting news, as it shows that dApps are becoming more prevalent in the cryptosphere due to their features and value.
For example, dApps have smart contract functionality. This means that they can verify, enforce, or facilitate the performance or a negotiation of a contract. dApps help interactions between two parties (i.e. buyer and seller) become more reliable and effective. Because of this, dApps will become a huge price driver in the future for upcoming ICOs.
Ethereum’s Market Overview
According to CoinMarketCap, ETH’s price is at $677.99. While some skeptics will say that its value is lower than how it was in mid-2017, its still shows sign of a bull market. For instance, it has the second highest market capitalization behind Bitcoin ($67.47 Billion).
Because of this, we can see that ETH is more than just an altcoin. Within 24 hours, over 2.46 Billion has been traded throughout this platform! This means that there are a lot of crypto investors who still use Ethereum’s network daily.
This is also due to Ethereum’s usage of dApps. dApps are the main mode of payment for ICOs as it gives the platform a system for users to participate and work with other members, smart contract functionality, and their decentralized nature. Any ICO that has a dApp behind it is sure to gain in value.
Let’s think about it. Cryptocurrency gains its value based on the activity of the users. The reason why Bitcoin is now valued at $8,095.30 is because its popularity reached the mainstream audience. As a result, there is a high level of activity amongst the coin. Ethereum is following Bitcoin’s footsteps as there is a strong community of over a million users who trade ETH every day.
But let’s look further.
ETH’s Price Analysis
Let’s look at ETH’s price throughout the following years. Ever since its launch in the crypto exchange in September 2015, we can see a huge price rise until it reached its peak at January 15th, 2018 when it was priced at $1389.18.
But like all markets, there are times when corrections have to be made. We can see that after its peak, ETH’s price hit an all-time low on April 2, 2018, at a price of $384.15. This is due to a myriad of factors: crypto market crashes, government regulation, and investor skepticism.
When it comes to cryptocurrency, the value of each coin is also based on its ability to survive a market crash. Cryptocurrency is always a volatile platform, prices for each coin can change quickly within a manner of minutes. The cryptocurrencies that we see in the Top 10 in the market have experienced a myriad of crashes, but still shown signs of growth and user interest.
As of today, we can see that ETH’s price has nearly doubled since then. At a price of $677.99, it has regained its control over the market and has bounced back from its short crash. Because of this, we’re confident that ETH is still in its bull stages and it shows no signs of stopping.
Ethereum in the News
Unlike other altcoins and projects where only the developers are able to create proposals and updates, Ethereum is an open sourced network that allows anyone to make changes. These changes are recognized by every member of their community. They are called Ethereum Improvement Proposals (EIPs) where they allow mass-user participation in decisions that can directly change the network.
Because of this, people are more open to using Ethereum as it allows them to have a choice in how their community develops. This democratic way of user engagement is one of the many reasons why Ethereum has gained popularity in the news.
According to Forbes, Ethereum, Bitcoin, and other major cryptocurrencies are expected to receive a major boost in funds. IronChain MiX10 Institutional and IronChain MiX10 are two mutual-fund esque cryptocurrency index funds that plan to help break a few barriers for new crypto investors.
As a result, this will lead to a bullish market for all major cryptocurrencies. Jonathan Benassaya, the Founder and CEO of IronChain states that the four main barriers of crypto investments are “fees, liquidity, custody and diversification.”
IronChain plans to solve these barriers by making a network where investors only have to pay 1% in annual fees and daily liquidity without any lockup. Also, it doesn’t have any redemption, loading or performance fees. This will make crypto investing more available to a wider audience which can lead to more money into the entire cryptosphere.
As cryptocurrency continues to grow, we see ICOs and projects like this being hosted on Ethereum’s platform. And this is a good thing. This means that ETH hasn’t stopped growing and the people within its community are constantly finding solutions to financial problems and continuing to improve its network.
Ever since its development, Ethereum has shown major signs of a bull market. And with the increased exposure, interesting ICO projects, and their development of high-quality dApps, it has a bright future ahead of it.
We believe in ETH because not only does it show potential, but it has already enacted on its potential as time progressed. In the future, we can see Ethereum making major plays within the cryptosphere while also giving its users the ability to voice their opinion on the future of the network. In conclusion, the market for ETH is going to remain a bull, and we believe that it will remain that way as it continues to grow.
What’s your opinion on ETH’s market growth?
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Disclaimer: All information in this post was made for informational purposes only. If you do plan on investing in ETH or any other cryptocurrency, do so at your own risk.