2021 is arguably a great year for all crypto enthusiasts as the price of most cryptocurrencies increased incredibly at the opening of the year. It made many people immediately jumped on the wagon to enjoy the deserving fruits of digital currency. Out of the many cryptocurrencies that have made huge waves in the crypto world recently. Ethereum is chief among them.
With a market cap of more than $44 billion, Ethereum is presently the second-biggest cryptocurrency after Bitcoin. Over the past year, the cryptocurrency has experienced explosive growth, with its price increasing by 1600%, surpassing that of the crypto king Bitcoin which is barely 380%.
However, as crypto prices generally plummeted over the past few weeks, potential investors are beginning to wonder if it is still a good idea to invest in Ethereum. But a decrease in price doesn’t necessarily mean it’s a bad time to buy. Considering that Ethereum is presently one of the higher-priced cryptos, right now might just be a perfect time to buy when it’s “on sale.”
If you are not sure whether investing in Ethereum at the time is a good choice for you, this post should help you make up your mind. Here, we have given some reasons to consider buying Ethereum now and when you are done making up your mind, check AnycoinDirect.eu to purchase your Ether coin to get started on your sweet journey.
Why You Should Consider Buying Ethereum Now
Ethereum 2.0 Will Come With Huge Competitive Advantage
One major criticism against cryptocurrencies is that they are incredibly energy-intensive to produce. Most cryptos require the process known as mining to produce. To mine crypto, the miners are required to perform a series of complex mathematical equations to validate a block on the blockchain network. In return for the hard work, the miner or miner group (known as a node) will be rewarded a new coin.
The major challenge with mining is, however, that it requires a huge amount of energy. Crypto critics have, hence capitalized on this tremendous energy consumption to criticize cryptocurrency. This is even the reason Elon Musk announced that Tesla would no longer accept Bitcoin as payment. And this particular announcement was the driving factor behind Bitcoin’s recent crash in price.
But Ethereum is making efforts to bring a solution to this problem in their new upgrade – Ethereum 2.0. The new upgrade will come with features that will help make mining more energy-efficient. The final launch of Ethereum 2.0 will happen any time in 2024, and developers claim it will use 99.5% less energy than its current process. If this eventually turns out the way it’s been planned, it will definitely bring Ethereum a huge competitive advantage over other cryptocurrencies, even Bitcoin. At that time, most investors will wish they had invested in Ethereum – don’t you think?
Ethereum Blockchain Has More Utility
While Bitcoin remains the most popular and widely used cryptocurrency, the Ethereum blockchain boasts more utility than Bitcoin’s blockchain. The Ethereum blockchain is used for a variety of purposes, giving it an advantage over Bitcoin.
More than just hosting the Ether token, the Ethereum network is also a foundation for other applications such as decentralized finance (DeFi) and non-fungible tokens (NFTs). While decentralized finance aims to revolutionize the banking industry, NFTs could change the way digital items are sold and bought.
Furthermore, the new Ethereum 2.0 promises to even feature the creation of more applications by making the blockchain more scalable and faster. All these will definitely give Ethereum even greater utility and advantage. That might also mean Ether having more advantage over Bitcoin and other cryptocurrencies.
Ethereum Has an Interesting Price History
When considering if it’s worth investing in a digital token, it is wise to review the consistency of such an asset. Ethereum network has been tried and trusted over the years for its consistency. Although it is never excluded from the regular highs and lows often experienced in the crypto world, its price has done fairly great over the years.
The cryptocurrency was launched in 2015 and costs about $200 in May 2017. And by January 2018, its price has risen tremendously to $1,066.72. However, it wasn’t able to sustain this four-figure price for long before it teetered between $100 to $200 from February of that year until June 2024.
By January 2024, its price was able to reach $1,285 and has since then, consistently grew, hitting a high of $2,760 in April 2024. Unfortunately, the May 2024 market dip also affected Ethereum’s price, but it is currently looking optimistic.
Conclusion
Almost all cryptocurrencies are currently being affected by the market dip, showing that none of them is immune to the volatility that happens in the crypto world. However, looking at some properties of Ethereum, it shows that it is still worth buying at this time. Nevertheless, the immense incertitude about the crypto market makes it an investment not for everyone.
