Ethereum is a new virtual currency that has a tremendous increase in speed, up to dozens more times than it was before. As of early next year, Ethereum price jumped from $8.52 to $383.89. So buying Ethereum for speculation now is a necessary decision while the Bitcoin lesson is still there.
Those who bought Ether from early 2017 at this time can achieve 900% profit in less than 6 months. But what is the factor behind the price increase of Blockchain? Let EtheremExpress update Ethereum price quickly to determine the trend of this virtual currency in the future!
Ethereum Price Chart
Ethereum – Potential Blockchain in the future
Bitcoin has existed since 2008 and has been welcomed as a new step in currency history. In early March of this year, Bitcoin first recorded a milestone that surpassed the value of an ounce of gold. But most people only pay attention to Bitcoin’s value fluctuations without regard to the Blockchain technology underlying the protocol layer. Vitalik Buterin was the first to realize that potential and immediately thought of the possibility of building applications around Blockchain, Ethereum was born for that reason.
But Ethereum was not created for the purpose of competing with Bitcoin. Ethereum’s Blockchain almost exclusively deploys Smart Contract-based applications to address issues related to centralization, censorship, fraud, and third-party interference. Ether, also known as ‘gas’, is a necessary part of operating the hierarchical application platform within the Ethereum ecosystem.
In short, Ethereum can do all that Bitcoin can do. If Bitcoin still holds the current market cap, how much would an Ether price if it hit this cap?
Bitcoin can happen to Hard Fork
The turmoil of Bitcoin in March was a cause for Ethereum price rise. Because more and more people are starting to use Bitcoin, the number of transactions increases, making Bitcoin’s already well-suited Bitcoin system overloaded.
In a hurry to solve the problem, Bitcoin has come up with two solutions: to activate SegWit or to increase the block size. Both options can solve the problem above. However, that affected the interests of the miners, a force that directly affected Blockchain’s survival. So far the problem is still left open without a clear fix for the future, although the Bitcoin value has risen over $1,500. Investors are not sure about that, they move to the Ethereum.
The DAO event
Bitcoin is not the only Cryptocurrency type to have Hard Fork problems, Ethereum has ever suffered. DAO is an application that revolves around Ethereum’s Smart Contract platform. The DAO Fund has raised $150 million in community investment, the largest Crowdsale campaign in human history.
On June 18, 2016, the Ethereal community will never forget, when a hacker (or organization) has stolen 3.6 million Ethers, equal to one-third of DAO’s total assets and withdrawn to a wallet address named “child DAO”. The incident has caused panic for the community, Ethereum price immediately dropped from $20 to $13. That pushed Ethereum into a stalemate and it would not be nice to announce Smart Contract as a failed experiment. The only solution that Vitalik offered at the time was to implement Hard Fork, disable all stolen money, isolate the DAO project, keep reputation for Ethereum. But that did not erase the vestiges in Ethereum’s history, because Ethereum Classic existed and a community group disagreed with Vitalik’s solution.
Enterprise Ethereum Alliance was born
The loss of investor confidence was severely damaged by the events of The DAO and Ethereum Classic, then Ethereum repeatedly attacked DDoS, attacked Replay, and even 4th Hard Fork failed, the price of the Ethereum dropped sharply from $13 to $6.5, losing half its value.
By March 2017, a group of 30 leading financial and technology organizations announced the formation of a Blockchain technology development alliance, choosing Ethereum as a top priority. Some well-known members of this group include Microsoft, Intel, JP Morgan, UBS, Accenture. They care about Ethereum’s technology, not the current Ethereum price. That keeps Ethereum price going up in the short term.