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Ethereum Next Move ?
Ethereum has been quite in the news this entire year due to its multiple improvement proposals [EIP’s] like EIP-1559 etc and the most important news which helped Ethereum to make double digit gains this year is its transition to Ethereum 2.0, It’s been a long term plan to move to a Proof of Stake network, which will reduce cost of securing the network, improve its scalability (no. of transactions per second), supply burn and make it more scarce. With so much in one pocket. Ethereum has already achieved the benchmark by beginning the 1st step of this transition. They deployed the deposit contract which will help Ethereum users to deposit their Ether in the contract so that when Phase 0 of Ethereum 2.0 is launched they will be able to stake their Ether to validate transactions on the Ethereum 2.0 network. Till now at the time of writing more than 57,000 ETH has already been locked up in the deposit smart contract , which is worth 26,331 million dollar locked in the contract. By validating the transactions users will get rewards which are calculated on an annual based percentage, which may vary. The minimum node running and the minimum ether staked the bigger the annual percentage rewards.
The Current Price Of Ethereum 460$ ?
Due to the bullishness created in the market for Ethereum as the transition has already begun to Ethereum 2.0 , There is one more price trigger which was pulled this year. Yes, you were thinking right if you had DEFI on your mind. A lot of Ether has been locked up inside the DEFI protocols like compound, Maker Dao, Aave, DEX [decentralised exchange], Uniswap, and many more. Huge number of dapps are being deployed in this sector and most of them are being developed on the Ethereum blockchain that even made the Ethereum network clog a bit during the summers this year, which raised the fee per transaction to a new all time high and a lot of miners made huge profits mining Ether. All this adds up to explain that Ethereum is the most used blockchain in this atmosphere which has the utmost utility. That’s why Ethereum at 560$ right now is completely different from back then in 2017 December, as it has a strong foundation this time.
How Far Ethereum can go in terms of price in 2020 ?
Well the charts are already showing strong signals right now, but as Crypto is a small market in terms of market cap, So the major price movements are news and updates about the project [ for eg :- main net launch, hard fork etc ]. So as we have an expected launch date for ETH 2.0 phase 0 on — 1st December, 2020. If we are able to achieve it , I am one hundred percent sure that the price of one ETH will be somewhere around 820$.
As per the current price movements and chart analysis our way to 600$ is clear with very few retracement in between.
**Any of the above statements are not financial advice in any way. They are solely my own views, perspective and analysis that I am sharing with you. If you want to invest or trade in crypto then you should do your own research**
As I always say Cryptocurrency Market is all about 1 reaching financial literacy and financial freedom.
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Crypto By Ksquare (Kunal Kishore)