Ethereum Price History May 28, 2024

Ethereum’s price history suggests that this crypto was worth significantly less in 2022 than at the end of 2021, although far from the lowest price recorded. Just like Bitcoin (BTC), the price of ETH rose in 2021, but for entirely different reasons: Ethereum, for example, made headlines when a piece of digital art was sold as the most expensive NFT in the world for over 38,000 ETH – or 69.3 million US dollars. Unlike Bitcoin, whose price rise was fueled by the IPO of the United States’ largest cryptocurrency trader, Coinbase, Ethereum’s rally is the result of technological developments that have generated a lot of attention. enthusiasm among traders. First, the “Berlin Update” was rolled out to the Ethereum network in April 2021, an update that would ultimately lead to the Ethereum merge in 2022 and reduce ETH gas price – or reduced transaction fees. The collapse of FTX at the end of 2022, however, changed a lot for the cryptocurrency. As of May 28, 2024, Ethereum was worth US$3,840.26, significantly lower than the US$4,400 at the end of 2021.

The Future of Ethereum and the DeFi Industry

Price developments on Ethereum are difficult to predict, but cannot be observed without the world of DeFi – or decentralized finance. This industry has used technology to remove middlemen between parties in a financial transaction. An example includes crypto wallets such as Coinbase Wallet that have gained popularity in recent years, with other examples including smart entrepreneur Uniswap, Maker (responsible for the DAI stablecoin), money lender Dharma, and market protocol Compound. Future developments of Ethereum are linked to this industry: unlike Bitcoin and Ripple, Ethereum is technically not a currency but an open source software platform for blockchain applications – Ether being the cryptocurrency used within the network Ethereum. Essentially, Ethereum facilitates DeFi – meaning if DeFi works well, so does Ethereum.

NFT: the most famous application of Ethereum

NFTs or non-fungible tokens increased tenfold between 2018 and 2020, as can be seen in the market capitalization of NFTs worldwide. These blockchain digital assets can essentially function as a unique code connected to a digital file, allowing the original file to be distinguished from any potential copies. This application is particularly important in the field of crypto art, although there are other applications: gaming, sports, and collectibles are other segments where NFT sales take place.

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