The crypto market managed to rebound following the big fail in the US banking system. Most investors are starting to notice the importance of being your “own bank” instead of giving your money to someone else. Now that the banking system is starting to deteriorate, the crypto market rebounded higher and made up all previous losses. Ethereum specifically went back to previous highs and is currently eyeing the important $2,000 price mark. Is ETH a good buy? When will Ethereum reach $2,000?
What is Ethereum Coin?
Ethereum is an open-source, decentralized blockchain platform that enables the creation of smart contracts and decentralized applications (DApps). It has its own cryptocurrency called Ether (ETH), which is used to power the Ethereum network and is used to pay for transaction fees and computational services.
Ethereum was created by Vitalik Buterin in 2013 and launched in 2015. It is designed to be more flexible than Bitcoin, allowing developers to build a wide range of decentralized applications on its blockchain. Ethereum uses a consensus algorithm called Proof of Stake (PoS) to secure its network and validate transactions.
One of the key features of Ethereum is its ability to support the creation of smart contracts. Smart contracts are self-executing contracts that automatically enforce the terms of an agreement between two parties without the need for a third-party intermediary. This enables the creation of decentralized applications that can automate various types of transactions and interactions, such as online marketplaces, voting systems, and supply chain management.
Why is Ethereum up today?
3 major banks in the US announced bankruptcy. This was a big deal as a crash in the market can be imminent following such news. Such crashes have triple effects across the market, bringing the entire country and others even down. The US government decided to intervene and give back all the money owed to all the depositors in order to save the economy from a potential crash.
This exposed how the banking system is corrupt, as all high executives managed to send themselves big cheques prior to the collapse, and the government simply reimbursed everyone. The trust in the banking system is gone, hence why investors are going back to cryptos which is all about taking back control. Ethereum prices showed a strong comeback, increasing from the low of $1,400 to the current price of $1,770.
Where to Buy Ethereum Coin?
There are currently many good exchanges that offer to trade and hold Ethereum coin. Here’s a list of known exchanges that are currently in good standing:
Ethereum Prediction: When will Ethereum reach $2,000?
If the purchasing power in the crypto market continues to be strong, we expect Ethereum to reach $2,000 towards the end of March or the beginning of April 2023. However, we do expect a slight retracement as part of profit-taking. This would let ETH reach $2,000 around mid-April or even towards the end of it, as a worst-case scenario.
Every Wednesday going forward, you can tune in to the Podcast on Spotify , Apple and YouTube. The episodes are perfectly tailored for a duration of 20-30 minutes to quickly and effectively familiarize you with new topics in a fun setting on the go.
Subscribe & never miss an Episode