Ethereum Price Prediction 2020
August 05, 2020
What Is Ethereum (ETH)?
Next to Bitcoin, another giant in the cryptocurrency world is Ethereum. It is a global decentralized network, which not only delivers its own digital currency but also provides a platform to create smart contracts and decentralized applications (dapps). It enables the platform to run without any hindrance like hacks or third party control. Ether is a cryptocurrency generated by the Ethereum platform. It was launched by Vitalik Buterin, a Russian-Canadian developer. Unlike Bitcoin, Ethereum can do much more – it is programmable, which means that developers can use it to build new sorts of applications that are also decentralized.
Ethereum (ETH) Price Analysis
Being one of the cryptocurrency pioneers, Ethereum has a stable second rank on the market, right after Bitcoin.
It’s the second-largest digital asset with the market value of more than $20,000,000,000 USD and a 24h volume of $7,189,244,520 USD at the moment. The current price per 1 ETH equals to $182.54 USD.
Ethereum Price Chart
(ETH price from 2017 to the present days with ATH)
Ethereum (ETH) Price Today
The current scenario of Ethereum at the market is quite vibrant, showing small ups and downs with a few exclusions of drastic growth up to $220 and a sudden fall to $160 and less. At present, the price has been fluctuating at around $180-185 USD, which seems like ETH is at some average rate, struggling to rise up.
Market Prediction For Ethereum (ETH) Price in 2020
It is not a surprise that the crypto world opposes Bitcoin and other cryptocurrencies called altcoins. However, the dominance of the first leading network does not arguably hollow Ethereum’s importance. This platform has been stated and is well-known as the independent one with the first smart contract on the blockchain and its own terms just like Bitcoin since origin.
Despite this fact, some crypto analysts remain skeptical about Ethereum development as it’s being stuck under $200, while there are others who expect bull run soon. If it happens, this will definitely trigger to boom other altcoins.
Blockstream’s strategic development director and a hardcore Bitcoin maximalist, Samson Mow, has criticized Ethereum very confidently but shockingly in a negative way. He has doubts about the smart contract platform and its ability to perform efficiently. Samson predicted:
“Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USD is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether,” he wrote on Twitter.
Aayush, one of the well-known Forex and cryptocurrencies analysts, estimates the risk of investing in ETH due to the technical indicators tied with the coin until the price increases up to $515. Then, he believes, the new perspectives for the Ethereum will come. Aayush tweeted:
“Overall Ether could consolidate in the short term, but it remains at a risk of more losses until there is a break above $515.”
Alexis Ohanian Sr. – $1,500
Alexis, the co-founder of Reddit anticipates that ETH can reach $1,500 USD by the end of 2019, having this potential. The programmer believes that the current disadvantages won’t affect the fall of the currency. Although assuming that the actual ETH value is approximately $180-185, it will be fascinating to see if Alexis’ predictions turn into reality.
Joseph Raczynski – up to $1,000
The creator of JoeTechnologist.com supposes that if Ethereum adjusts the overall utility level and implementation capacity, the network’s value can instantly reach up to $1,000 by the end of 2019.
Steven Nerayoff – $2,500
As a co-creator of the Ethereum platform, Steven expects big growth for ETH. According to the outlet for 2020, many updates and new projects are on the Ethereum chain and are getting to be released. This all will positively affect the cryptocurrency’s value that can reach its new all-time-high $2,500 USD.
Ethereum (ETH) Price Prediction 2020
Not easy to say how high Ethereum will go in the next year. Most probably, ETH will remain as the world’s second-largest cryptocurrency. The network is definitely Bitcoin’s rival, sustaining the number one smart contract blockchain.
Even if the number of positive prognosis on the ETH rise is quite large, there are network’s technical issues that are needed to be solved beforehand. Hopefully, the Ethereum’s hard fork will impact it greatly.
Ethereum Main Features
Smart contract was first introduced by a cryptographer Nick Szabo in 1994, and it’s an important part of the Ethereum ecosystem, which is the first implemented feature in the ETH blockchain. It is a software program on a blockchain that can automatically control or obligate the transactions of digital currencies or assets between the two parties under agreed conditions.
It can do this by acting on the inputs and allotting a value to that input through the program set out in the smart contract and conducting actions on behalf of conditions mentioned. For example, determining whether an asset should go to a person or should be returned to the other person from whom it originated after calculating the conditions like time and value of the contract in a specific way agreed upon.
ERC20 token is a special representative for Ethereum, with its value and functionality much like other cryptocurrencies it can only be operational using the Ethereum network.
ERC20 stands for Ethereum’s request for comment, where 20 is the number assigned to the request. The major difference between ERC20 token and other cryptocurrencies is that it is totally dependent and operational within the Ethereum platform when other cryptocurrencies have their own respective blockchains.
Gas is basically a fee or price, charged to successfully complete a particular transaction or to implement a contract on the Ethereum network. Every transaction needs a certain amount of buffering power employed by the nodes to comfort the network in accomplishing its task.
Nodes are just like a backbone of the blockchain network, that lays the foundation of the technology, allowing it to function and sustain. Nodes are spread across the entire network and are responsible to perform a variety of tasks. To ensure nodes are charged well, there are transaction fees extracted from every transaction circulated in the Ethereum blockchain network. So, Gas is the unit required to measure processing. The higher the gas, the more Ether tokens are required by the user to spend.
DApps stand for Decentralized Applications rooted in the Ethereum network. They operate independently in a decentralized way without depending on any third-party service providers. Nodes are responsible for handling all the informational inputs of the applications on the entire network.
The Ethereum blockchain network empowers developers on much variety of operations they desire, unlike the other platforms, where they are limited. If you have any plan or idea to develop your own app surely Ethereum network will delight you.
Sharding is a process of partitioning table’s rows into multiple tables or ‘shards’, i.e., dividing the Ethereum network into multiple sections to boost the transaction processing time. To prevent the ETH scaling problem, the sharding technology will be implemented in the Ethereum 2.0., hard fork. It is known that the upgrade will replace the first platform version after tests are successfully completed. The upcoming feature presumably will affect the ETH adoption and increase its price.
How to buy Ethereum (ETH)?
Atomic wallet is a prestigious choice to buy Ethereum, as the decentralized wallet provides high-level security and trust. The professional software enables users to handle Ethereum as well as Bitcoin, Ripple, Tron, Litecoin, and other 300+ cryptocurrencies in a completely user-friendly way within a single interface.
Just download the app on your mobile (Android / iOS) or desktop (Atomic supports the main OS), create a strong password, keep it in a safe place with your 12-words mnemonic phrase inbuilt within the wallet (it generates and encrypts the private keys on your device). Again, don’t ignore to save your mnemonics and password in a secure place as they’re the only means to get to your funds.
After logging in to the wallet, simply click on the buy crypto tab on the left menu. Choose EURO or USD to buy ETH and set the amount you want to invest. Start buying crypto with $50 up to $20,000. When you’re done with the adjustments, go through the verification procedure. Attach your bank card and verify your identity to avoid theft and fraud activities. End up the process following simple steps and receive Ethereum as well as Bitcoin, Ripple, Litecoin, Tron and other 300+ digital currencies.
How to Exchange Ethereum (ETH)?
Thinking to exchange crypto, feel free to try Atomic wallet service, as it provides convenient, secure and very easy way to do it. You just need to follow these simple steps:
1) Log in your wallet.
2) Click on the tab Exchange, which is on the left menu.
3) In the exchange window, click on the tab to select the trading pair for ETH you need, set the amount and click Exchange at the bottom.
That’s it. Your funds are sent to an exchange. Once your transaction is confirmed on the Block Explorer, you can view its details. The balance and transaction history will be automatically uploaded in the history tab.