Ethereum rises to an all-time high of IDR 50 million. Is it too late to buy Ethereum?
The price of Ethereum (ETH) has increased by 400% or about 5 times from the beginning of the year. At the beginning of 2021, ETH was only IDR 10 million. If we look at it from a year ago, the increase reached thousands of percent. Last May, the price was only Rp 3.5 million.
As we know, Ethereum is the most popular crypto asset, only losing to Bitcoin. Vitalik Buterin is the person who created Ethereum, even though Ethereum is currently an open project.
ETH or Ether is fundamentally a token utility of the Ethereum platform. This platform makes it a place to give birth to new blockchain projects or even new cryptos.
So, what caused the rise in Ethereum this time? Can the price still increase, so that I am not mistaken for buying when the price is high?
Developers seem to have welcomed the new Ethereum network. As you know, Ethereum is currently upgrading to Ethereum 2.0 to solve the problems that have been happening on the Ethereum network.
In addition, the number of active Ethereum account users has recently jumped to 771,000 members. Previously, the highest number was 739,000 which occurred in November 2020. The number of daily transactions on Ethereum increased 22% to 1,376 million this year.
What indicates the increase?
Ethereum, which is being upgraded to Ethereum 2.0, is being loved by DeFi developers. Recently, the total market capitalization of decentralized finance (DeFi) has reached USD 100 billion.
This also goes hand in hand with the increase in Uniswap prices. The utility token on the DeFi platform has recorded its highest price in history to IDR 656,000.
Uniswap is currently the most popular DeFi platform. In the near future, Uniswap will upgrade the mainnet V3 which will make the network faster and cheaper.
Not only DeFi, the use of non-fungible tokens is also in full swing.
This increase also occurred due to the large number of uses of the non-fungible token (NFT) auction system. This auction system helps art workers and developers to sell their work with an open online auction system.
Generally, NFT platforms use the Ethereum network. Likewise, payment for auction services and products also generally uses Ethereum.
So, why is upgrading Ethereum 2.0 easier? What is an Ethereum 2.0 upgrade?
Ethereum is being upgraded to Ethereum 2.0. One of these evolutions is with the faster and cheaper Ethereum blockchain network. It seems that developers, stakers, and activists and connoisseurs of NFT are ready to welcome this.
In addition, the EIP-1559 upgrade will occur in the middle of this year. This is also a potential future increase in the price of Ethereum.
EIP-1559 will burn or burn or destroy Ethereum. This is one of Ethereum’s ways to reduce the maximum supply in the future.
Ethereum has shortcomings because of its unlimited or unlimited supply. So, the supply of Ethereum will decrease in the coming years. The rarer the supply of a crypto asset, the higher the price. This is the reason for Ethereum’s future rise.
With the above reasons, your question is answered. It’s still not too late to buy Ethereum rises.
Given that Ethereum is one of the most popular crypto assets, it only loses to Bitcoin. One of the best places to buy Ethereum is on Indodax.
Not only for stakers, developers and NFT users, Indonesian people can also take advantage of the increase in Ethereum as an investment. Plus, Ethereum can still be purchased for only IDR 10,000, even though the Ethereum price has reached IDR 50 million or whatever the price is later.
Well, for those of you who want to buy Ethereum on Indodax, you can listen to the following methods. For those of you who are not yet a member of Indodax, you can register here.