While institutions have purchased BTC in droves since Christmas, the solid success of Ethereum may push it towards surpassing its $1,432 all-time high set in January 2018. It was the last time ETH reached four figures on the dollar until at the beginning of February 2018 it settled into a three-figure fall.
Context for Ethereum’s Bull Run
The rise of Ethereum today, and the popularity of several of the other big Alt coins, is undoubtedly the product of the bull run of Bitcoin. Despite Bitcoin’s supremacy in the cryptocurrency world, altcoins sometimes track Bitcoin’s price.
Is the runaway performance of ETH the launch of a new ‘altseason’? Perhaps. Dogecoin soared on January 2 by 70 percent. In addition, coins such as Polkadot (DOT) and Chainlink (LINK) have seen recent rises. However, a particular mainstay in the crypto world has only seen falls.
The market price of XRP, once the third biggest cryptocurrency, started to fall as a complaint brought by the US Securities and Exchanges Commission late last month. XRP immediately slipped from its long-standing role as the third-largest cryptocurrency by market capitalization after the suit.
At present, it occupies the fourth slot, but it jockeys with Litecoin for that position, the Bitcoin spinoff that recently flipped it.
With the introduction of Ethereum 2.0 and the continuing bull market of Bitcoin, Ethereum’s price has reaped the rewards.
Ethereum 2.0, which focuses on scalability and efficiency, is a long-planned update to the global ETH network. The 0 level, the first phase of Eth2, continues to be scheduled for service in 2020.
If the DeFi wave and trading on DEXes begin to trend, with rising demand, it is crucial that Ethereum is able to scale.
Ethereum 2.0 reduces resource use, enables more transactions to be accommodated by the network, and increases stability. Ethereum will become an evidence of blockchain engagement which will introduce network sharding. It changes the way Ethereum functions immensely.
What is Ethereum?
Ethereum is an open-source, global network constructed with decentralized applications. In other words, the idea is to build a global computer that can be decentralized to produce applications for everyone, while all states and data are scattered and publicly usable.
Ethereum promotes smart contracts under which developers can write code for digital value programming.
Examples of decentralized applications (dapps) based on Ethereum are tokens, non-fungible tokens, decentralized finance programs, crowdfunding protocols, decentralized transfers, and several others.
Ethereum has an incredibly long roster of creators. Anthony Di Iorio wrote in December 2013, “Ethereum was established in December 2013 by Vitalik Buterin, Myself, Charles Hoskinson, Mihai Alisie, & Amir Chetrit (the initial 5).” As creators, Joseph Lubin, Gavin Wood, & Jeffrey Wilke were added in early 2014.
The systematic implementation of the Ethereum software project began in early 2014 through the Swiss firm Ethereum Switzerland GmbH (EthSuisse).
A study was done by Gavin Wood, then the chief technological officer, in the Ethereum Yellow Paper specifying the Ethereum Virtual Machine. The Ethereum Organisation (Stiftung Ethereum), a Swiss non-profit foundation, was subsequently established as well.
A public online crowdsale financed the construction of the project from July to August 2014, with participants promoting the growth of Ethereum with another digital currency, Bitcoin.