$100 in Ethereum 5 years ago – So much

This well-known cryptocurrency has brighter days ahead of it, although future returns are unlikely to be anything like the past. Not surprisingly, Bitcoin (CRYPTO: BTC), the most popular cryptocurrency, is getting a lot of attention from Wall Street and the media. In terms of financial gains, however, the peer-to-peer global internet currency has fallen behind its more modest rivals in recent years.

How much your Ethereum value has become after 5 years

An investment of $100 in Ethereum five years ago, on January 10, 2017, would be worth a whopping $11,810 today. Despite the fact that the price is down 22% this year (as of November 24). From the announced Ether date in 2014 to March 2017, the price of the token remained relatively constant between $0.70 and $21. It was only in May of this year, when the 2017 crypto bull market started to surge, that the price of ETH surpassed $100 for the first time.

After that, Ether surged to a high of $414 in June 2017 before falling back. The bullish momentum did not gain strength for another five months. At this point, the entire crypto market was under massive buying pressure, causing almost every crypto token to hit new highs. By January 2018, the price of ETH had peaked at $1,418 before crashing. The second most valuable cryptocurrency in the world as of this writing has a market cap of $147.2 billion. As of Coinmarketcap, Ethereum price today is $1,186.23.

Ethereum can be viewed as a global computing platform, while Bitcoin is just a decentralized payment network. This means that a transaction involving a multitude of different functions can be carried out by two independent parties without the use of expensive intermediaries. Ethereum uses a programmable blockchain to create smart contracts and that is what sets it apart from other cryptocurrencies.

Ethereum is working on the PoW consensus algorithm

Currently, Ethereum uses a Proof-of-Work (PoW) consensus algorithm. In order to earn the right to validate brand new transactions on the blockchain, miners must expend enormous computational resources solving challenging mathematical puzzles. However, the same difficulties that have plagued Bitcoin, namely those related to speed and scalability, have also hurt Ethereum.

The emergence of decentralized applications (dApps) such as decentralized finance protocols (DeFi) and non-fungible tokens is due to Ethereum’s smart contract functionality (NFTs). To date, Ethereum has 2,960 different dApps on its platform, covering a wide range of categories such as gaming, social media, identity, and insurance.

It’s no surprise that top altcoin has risen to the top of the list of crypto use cases. This is due to its extensive developer network, which is essential for advancing any blockchain project. As of December 2021, over 4,000 active developers were working on Ethereum, far more than any other cryptocurrency, a situation that clearly bodes well for Ethereum’s future.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

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