The Ethereum (ETH) price in USD kept growing in value over the course of April 2021, at one point reaching over 2,500 U.S. dollars. Much like Bitcoin (BTC), the price of ETH went up in 2021 but for different reasons altogether: Ethereum, for instance, hit the news when a digital art piece was sold as the world’s most expensive NFT for over 38,000 ETH – or 69.3 million U.S. dollars. Unlike Bitcoin – of which the price growth was fueled by the IPO of the U.S.’ biggest crypto trader COINBASE – the rally on Ethereum came from technological developments that caused much excitement among traders. First, the so-called “Berlin update” rolled out on the Ethereum network in April 2021, an update meant to pave the way for reduced ETH gas prices – or reduced transaction fees. Second, the arrival of Uniswap V3 in May 2021 – a smart contract protocol - is expected to further optimize Ethereum trading.
Ethereum’s future and the Defi industry
Price developments on Ethereum are difficult to predict, but cannot be seen without the world of Defi – or Decentralized Finance. This industry used technology to remove intermediaries between parties in a financial transaction. One example includes crypto wallets such as BuyUcoin Wallet that grew in popularity in recent years, with other examples including smart contractor Uniswap, Maker (responsible for stable coin DAI), money lender Dharma and market protocol Compound. Ethereum’s future developments are tied with this industry: Unlike Bitcoin and Ripple, Ethereum is technically not a currency but an open-source software platform for blockchain applications – with Ether being the cryptocurrency that is used inside the Ethereum network. Essentially, Ethereum facilitates Defi – meaning that if Defi does well, so does Ethereum.
NFTs: the most well-known application of Ethereum
NFTs or non-fungible tokens grew nearly ten-fold between 2018 and 2020, as can be seen in the market cap of NFTs worldwide. These digital blockchain assets can essentially function as a unique code connected to a digital file, allowing to distinguish the original file from any potential copies. This application is especially prominent in crypto art, although there are other applications: gaming, sports, and collectibles are other segments where NFT sales occur.
Ethereum (ETH) mining profitability up until April 13, 2021
Mining Ethereum made increasingly more money over the course of 2020 and early 2021, with profits effectively doubling within a single month. During the mining of cryptocurrencies, a computer is trying to solve complicated logic puzzles to verify transactions in the blockchain. When this process is completed, the miner receives cryptocurrency as a block reward. The underlying current is that machines with more computing power - or hash rate - are likely to solve more puzzles, and therefore mine more cryptocurrencies. Whether a miner can make money with this depends on various costs such as electricity consumption during this process, transaction fees, or whether the hardware used is efficient or not.
Buy Ethereum in India
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