Ethereum is the most popular altcoin in the market and has the attention of a vast audience. The Ethereum network is also one of the most advanced ones that are known to keep evolving and growing with time.
The ETH token is currently trading at $3,221 (at the time of writing). After trading as high as $3,570 in the last week, the price of altcoin has approximately dropped 4.13% in the last 24 hours.
Here is a graph by CoinMarketCap that shows the price movements for ETH over the past week.
While many are familiar with this price fluctuation seen for ETH, others are concerned about the price trajectory in the future. However, according to reports, the Ethereum token is anticipated to see a price increase that goes above $6,000. Let’s find out more details on how this price surge can be possible.
Meanwhile, if you are interested in buying ETH, make sure you take a look at the Ethereum price prediction and know the best time to invest.
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What Could Cause a Price Boost for ETH?
As mentioned above, the Ethereum network is an advanced one and keeps growing with time. The high-end upgrades for networks such as Ethereum and Cardano are what lead people to believe that they may surpass Bitcoin at some point. However, these are just speculations at the time.
On the other hand, the news of Ethereum’s new upgrade is anything but speculation and is set to take the network to the next level.
As per reports, Ethereum’s upcoming upgrade is the “Merge”, which is set to transition the network to a proof-of-stake consensus algorithm from proof-of-work.
This upgrade is anticipated to turn the crypto asset into an “equity-like instrument” and will also enable users of the network to stake their cryptocurrencies.
With the success of the upgrade, the stakers on the network will be entitled to have a portion of the revenue generated.
A report by Bloomberg noted:
“If demand for blockspace and total fees paid increases, stakers will enjoy both higher payouts and reduced issuance, with the opposite also true.”
The report also highlighted the fact that the transaction fees for Ethereum were increased to $9.8 billion last year. This is 16 times the figure that was noted for Ethereum in 2020.
This significant surge is a result of the prominence that decentralized finance and non-fungible tokens (NFTs) gained and most of their volume was centered on Ethereum.
With the proper use of the new Ethereum upgrade, the significance of the network and the price of the digital currency are set to increase.
Therefore, if you are interested in buying ETH for the first time then make sure you opt for the best crypto exchange to buy Ethereum.
Helpful Tips for Novice Crypto Investors
The crypto space is an unpredictable and volatile place, where the prices of digital currencies move up and down quite a lot. Even though the price movements do not lessen their value significantly, novice investors need to be aware of such information.
Buying, selling and trading crypto can be somewhat complex as it requires the interested parties to be aware of several aspects.
Therefore, if you are new to the crypto space and want to invest in a digital asset then here are some tips to keep in mind.
- Choose one of the best crypto exchanges with the lowest fee.
- Keep an eye on the price movement of the cryptocurrency you want to buy.
- Always start by investing as much as you can afford to lose.
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