Ethereum has always been the number two cryptocurrency sitting behind Bitcoin. Even though cryptos like Maker have had a higher price, Ethereum has been a user favorite.
Recently, we have seen Bitcoin increase in price pretty consistently. Along with the speculation of all major cryptocurrencies spiking in 2021, people are more excited than ever about cryptocurrency. One thing to ask yourself is if Ethereum will see this spike before any of the other cryptos.
Over the past year, Ethereum has been trailing a new software to update their network. This could help drive the price going forward. This update will be a massive step forward for their developer platform that companies like Microsoft use. This update will be Ethereum 2.0 Genesis.
The trial that just happened was referred to as "Zinken" and has been very positively received. This could mean the Ethereum 2.0 Genesis will go ahead and this could be seen as early as December.
If you hold Ethereum or are thinking of getting into it, how will this affect you?
This is big news as the Ethereum network is about to get an overhaul which will make it easier and more accessible. Plus, it will be great for big businesses who use it. This will make Ethereum's worth skyrocket along with its price.
Currently, Ethereum's price is $579 AUD. Looking back at the graph which shows its price throughout the year of 2020, it has risen consistently. This reliability combed with the release of the new update could see the Ethereum price spike as early as December.
Earlier this month we published a blog which outlined what the future would hold for Bitcoin in the years going forward. Those predictions showed Ethereum would spike as well around 2021. Now any predictions about cryptocurrencies should always be taken with a grain of salt as crypto is notorious for being volatile. However, when an outside source is affecting a crypto such as this new update, it gives a bit of evidence to those claims of a spike.
Should you go crazy and buy Ethereum?
Not just yet.
Although this is very exciting, the update still needs to have a successful launch. According to recent reports, in order for it to be successful, it will need 16,000 users to be running the software and 500,000 Ethereum coins being deposited to the network. These are big numbers, and for the launch to go off without a hitch, they all need to be met.
It is an exciting time to be a crypto investor with all major cryptos seemingly on the verge of a boom period. You should always remember that cryptocurrency is not a 100% reliable investment so always be responsible when investing in it and be aware of the pitfalls that others have fallen into.
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