Ethereum has seen its price rise by 99% in the past 30 days
What is Ethereum?
Ethereum is a global, open-source platform for decentralised applications. It supports smart contracts in which developers can write code in order to program decentralised applications. Examples of decentralised apps (dapps) that are built on Ethereum include ERC-20 tokens, non-fungible tokens (NFTs), decentralised finance apps, lending protocol and decentralised exchanges.
Ethereum has performed very strongly this year, outpacing even the mighty Bitcoin as it rose to its highest level today of $4,324. To put this into perspective, Ethereum’s price has risen by 99% over the past 30 days. Just five years ago it was worth $0.43, so buying the coin back then would have been a fantastic buying opportunity for Ethereum.
Reuters suggest that the rally could be fundamentals-driven, with institutional interest ramping up and the broader proliferation of decentralised finance (DeFi) apps within the Ethereum ecosystem.
Ethereum describes itself as the world’s programmable blockchain. It was launched in 2015 by its creator Vitalik Buterin with an initial supply of 72 million coins. The currency itself is actually called Ether, with Ethereum referring to the project as a whole.
Where can I buy Ethereum?
By signing up to eToro, traders can buy, sell and trade Ethereum using the platform’s plethora of trading resources and copy trading platform to follow Ethereum traders. eToro also offers lots of stocks, shares and other cryptocurrencies – so it’s well with signing up if you’re thinking about starting your trading journey and are looking for a place to start.
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How is Ethereum different from Bitcoin?
Ethereum has some similarities with Bitcoin, such as both being rewards for proof of work and tradeable on cryptocurrency exchanges. What makes them different is that Ethereum blocks are validated approximately every 12 seconds, whereas with Bitcoin it is every ten minutes. Additionally, Bitcoin has a fixed supply of 21 million coins while Ethereum has no supply cap.
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