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Rank

Ethereum, ETH

$1 211.23 ( 2.05% )

Market Cap

$148 222 874 061

24 Hour Volume

$2 312 954 619

Available Supply

122 373 866

Ethereum / US Dollar Chart, ETH/USD ()


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About Ethereum


Ethereum is a platform for creating decentralized applications using smart contracts. It consists of a blockchain, a distributed network, a virtual machine, and a payment system. It is also a name for a cryptocurrency, which attracts not only startuppers and developers, but also investors, traders, and analysts who make Ethereum predictions for them.

Actually, there is an internal currency, which is a means of payment, called ether. It has fractional parts named after cryptographers: finney, szabo, and wei. Also, there is gas — a payment unit that is charged for a transaction or an operation. Creators think of ether only as a crypto fuel. However, it does not play down its importance. The significance of the whole project is not reduced as well because it pioneered the deployment of truly smart contracts for secure deals and the creation of new applications.

Ethereum’s rise to power

Vitalik Buterin is the author and chief developer. He got interested in cryptocurrencies amongst the first enthusiasts. He was captivated by Bitcoin in 2011 and even became a co-founder and author of Bitcoin Magazine. Buterin had been nourishing an idea to create his own cryptocurrency for a long time. Only in 2013 did he write the White paper.

Officially, the project was presented in July 2014. The presale started at the same time. By September, the team exchanged 60,102,000 ETH for 31,591 BTC. This means that the first-ever ether exchange rate was 1902.5 ETH for 1 BTC. After getting a liquid currency for expenses, developers started preparing for a launch, which took place only in July 2015.

Achieving goals

The goal of creating the Ethereum platform was a simplification of the blockchain implementation, which was aimed at protecting a business, a startup, and any other project from fraud by partners. Buterin’s team was successful at it. Carrying out deals became way simpler, as well as creating a proprietary product, including a crypto project, a blockchain game, and a decentralized application.

Developers of Ethereum did not try improving Bitcoin and did not rely on its source code. Probably, they adopted some ideas of the first cryptocurrency, but they created a unique piece of work. Among its features are:

  • smart contracts;
  • integral programming language Solidity;
  • a common token standard ERC-20;
  • EVM, or the Ethereum virtual machine.

It was also decided not to limit the issue of coins. At first, 72 million coins were issued. Now, there is 110.4 million ETH in circulation. The precise number of available coins is indicated above the Ethereum chart.

Ups and downs

The bitcoins received by the team at the presale were worth $18.4 million in conversion to fiat. This means that the initial ether price was 0.3061 US dollars. Here is the further timeline of ups and downs:

  • 2015: in August, ETH was listed on a crypto exchange for the first time. It was estimated at 2.80 USD. Then investors started selling out coins bought at the presale, and the price dropped to 0.70 USD. There was only one attempt to get back up (to 2.20) but then followed a downtrend, and the price dropped to 0.44 USD. In late October, there was an uptrend: the ether price reached 1.33 USD. Then followed a correction, and there was a flat till the end of the year within the limits of one dollar.
  • 2016: from January till mid-March, there was a solid growth, and ETH price went up to 15 USD. Then there was a twofold price drop, and a new growth again — up to 21 USD in mid-June. Then cybercriminals robbed DAO (a decentralized autonomous organization of Ethereum), which slumped the ETH price. It was a reason for a hard fork and branching the chain: the original was left as Ethereum Classic, and the name Ethereum was passed to a new branch. In autumn, someone performed a DDoS attack and slowed down the network operation, which led to a downtrend. By the end of the year, the price was wedged within the limits of 8 USD.
  • 2017: during the first two months, there was a slow rebound. From mid-March, ETH started setting new records exceeding 50 USD. The real bull run started in May: the price exceeded the limits of 100 and 200 USD. After reaching the mark of 400 in mid-June, the price started dropping and went down to 134 USD in a month. In August, an ICO boom and craze ripened in the entire crypto market. For a short time, the price came back to 390 but then was corrected and went to a flat at the level of 300 USD. ETH set new records together with BTC in November and December. At that time, the year’s maximum was 874 USD.
  • 2018: in mid-January, an all-time record was set — 1423 USD. Then, there was a correction, a dropdown, a bear market rally, and the price went down to 370 USD. In April, ETH showed a reversal. In early May it rose to 821 USD. However, the bears did not give up and a downward trend continued throughout the summer. Since September, ETH had been in the flat at the level of 200 USD, and since mid-November started groping the bottom. It was found at the mark of 83 USD spotted in December.

The importance of Ethereum and ether price prediction

Experts consider the spread of smart contracts as the beginning of a new age. Since its inception, the project has been unofficially called ‘Blockchain 2.0.’ However, it helped evolve not only smart contracts. Thousands of ICOs were conducted on the basis of the Ethereum platform, 255 thousand types of tokens were created on its blockchain. Buterin’s project quickly gained popularity amongst app and game developers, as did coins amongst cryptocurrency users, which affected the ether exchange rate to the dollar.

The common interest in cryptocurrency No 2 is fuelled by thoughtfulness in comparison with Bitcoin: fast transaction speed and block generation, flexibility and scalability, stable reward, and a single wallet for different tokens. The team continues to work on the project, expanding opportunities and eliminating issues. Support for the languages LLL, Mutan, and Serpent was added to the platform, the standards ERC-223, ERC-721, and ERC-777 were created.

In 2019, Ethereum did not stand out that much in the crypto market, it correlated with Bitcoin. Prices of the two main coins grew in parallel in May and June. At the end of June, ether reached an annual maximum of 361 dollars. There was only one discrepancy: in the first half of September, when bitcoin price fell, ether went up from 171 to 221 dollars. Actually, then both cryptocurrencies experienced a general downtrend until the end of the year.

Ether perspectives for 2020

In early 2020, the ETH price began to grow significantly: in January — from 130 to 180 dollars, in mid-February — 281 dollars already, which became the year’s maximum. Then came the correction, and then the crisis, which brought the price down to 105 dollars. There is a possibility that it will recover with the revival of the crypto market before the bitcoin halving.

If bitcoin does not help return the crypto market to a pre-crisis state, then the ether price can grow on its own. Ethereum will be updated to version 2.0 soon, after which the network will switch to the PoS consensus algorithm. When earnings on staking become available, investors will start buying up coins in order to turn to PoS miners.

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