Four years ago, during the last presidential election, the price of Ethereum was hovering at $11. Today, fast forward four years, ETH is valued at $355. Within four years, ETH recorded a 3127% increase against the U.S. dollar.
"Four years ago during the #PresidentialDebate, the price of Ether was $11.".
The factors are the resurgence of decentralized finance, surging user activity, and the anticipation of ETH 2.0.The resurgence of DeFi.
Most of the newfound demand for ETH came from the DeFi market.
The term gas refers to transaction fees on the Ethereum blockchain paid using ETH. In the wake of the DeFi craze, gas costs surged to previously unseen levels.
Since users have to purchase ETH to pay for gas, naturally, that caused the demand for ETH to rise.
Many users have also been staking ETH to earn governance tokens on newly-emerging DeFi protocols.
Since March 13, the price of Ethereum increased from sub-$100 to above $355. At its peak, ETH neared $500, topping at $488.84.User activity on Ethereum is surging.
Ethereum users expect ETH 2.0 to shortly arrive because the ecosystem needs it more than ever before.
Throughout the next four years, if backed with adequate developer activity and progress with ETH 2.0, the trajectory of Ethereum remains positive.
Ethereum was $11 during the last Presidential election-now it's $355
Published on Sep 30, 2020
by Cryptoslate | Published on Coinage
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