As one of the six most valuable cryptos, Ethereum is making serious waves in the crypto world. It is quickly becoming more well-known as Non-Fungible Tokens (NFTs) gain popularity, and Ethereum is the place where the majority of NFTs are bought and sold. NFTs are digital art or other collectibles, typically limited-edition items, that are purchased and sold through an encrypted blockchain. This, combined with the fact that cryptos have received significant institutional investment, celebrity endorsement, and inclusion on mainstream financial platforms, indicates that cryptos such as Ethereum are staking their claim. Let’s take a look at the latest crypto news, focusing on the world’s second largest cryptocurrency.
The rise of ETH
Ethereum has grown at an exponential rate over the last year and a half, solidifying its position as the market’s second largest cryptocurrency and capturing the attention of many crypto investors. Ethereum has grown by 900 percent in the last year, and will grow by a whopping 350 percent in 2021. The rapidly rising coin reached an all-time high of just over $4,000 earlier this year, making Ethereum a serious growth competitor for Bitcoin. Since then, Ethereum’s price has fallen along with the prices of the other six most valuable cryptos.
However, the light at the end of the tunnel is now visible, as its price is once again on the rise. Ethereum has recently increased by more than 12% as a result of Elon Musk’s announcement that he now owns some of the cryptocurrency. Ethereum closed the month at a high of $2542.082 on July 31st, and the versatile platform has something big up its sleeve to take it to the next level.
Ethereum is getting a makeover.
For quite some time, Ethereum’s upgrade has been the talk of the town, and those who have been following the news for crypto platforms like Ethereum know that the upgrade is due in early 2022—just a few short months away. Ethereum 2.0 is expected to change the way transactions are verified, as well as speed up and improve the platform’s efficiency. However, in August, Ethereum will undergo a major software upgrade codenamed London.
Because it will slow the rate of Ether token growth, the London upgrade is expected to potentially boost Ethereum prices. According to Katie Talati, vice president of research at crypto asset management firm Arca, the main benefit of the London upgrade will be a better overall user experience and fewer failed transactions. August is set to be the start of a very interesting period for Ethereum, so stay up to date on crypto platform news as Ethereum prices could change dramatically.
Ethereum turns green.
Over the last year and a half, there has been a discernible global shift toward a greener planet. As the popularity of the six most valuable cryptos grows, the focus has shifted to coin mining, many of which have a negative impact on the environment. Tesla emphasized this even further when they changed their minds about accepting Bitcoin as a payment method, citing the fact that mining Bitcoin requires the use of fossil fuels, which is not conducive to sustainability and a greener world. Similarly, a single Ethereum transaction currently consumes the same amount of electricity as the average US household consumes in a week. This is not sustainable for the environment, so Ethereum’s upgrade focuses on lowering the cryptocurrency’s carbon footprint by cutting energy usage by 99 percent. Not only will Ethereum 2.0 be more efficient and scalable, but it will also be the “greenest” cryptocurrency of them all.