For Ethereum in 2021, we can surely expect some interesting things to happen as 2020 was plenty eventful. The picture looks green price-wise and busy when it comes to network developments according to the industry insiders as we are reading some more in today’s Ethereum news.
ETH went up by about 400% this year and surpassed the 700 level for the first time since 2018. The price movements were quite beneficial but the network saw a few testnets with some of them being more successful than others on the road to the promised ETH 2.0 culminating in the launch of the deposit contract following the first phase of ETH 2.0 phase 0 in December as the month was also plenty eventful.
$ETH is undervalued in terms of institutional buying.
Institutional investors would eventually consider $ETH for their portfolio next to Bitcoin.
– @Grayscale $ETH AUM : $BTC AUM = 1 : 7.76
– $ETH Market Cap : $BTC Market Cap = 1 : 6.07
27% gap here. They will buy more $ETH.
— Ki Young Ju 주기영 (@ki_young_ju) December 29, 2020
2021 will most definitely see a bull run according to Matthew Gould who is the founder and CEO of Unstoppable Domains:
“We could see ETH prices [over USD 3,000] […] a lot sooner than people think. Expect Ethereum daily users to grow the fastest of any blockchain – including Bitcoin (BTC) – with all the new DeFi apps it brings to the table.”
Monica Singer, from blockchain company Consensys argued:
“ETH 2.0 will continue to advance its roadmap, with the introduction of shard chains, and eventually lead up to getting rid of [the proof-of-work consensus algorithm] altogether, and merging the Ethereum 1 chain with Ethereum 2.0.”
With more applications deployed on ETH, more developers will join the community and the ETH price will increase but not necessarily correlating with the increase in Bitcoin price. Ethereum already has more developers than BTC as Phillippe Bekhazi who is the CEO of Stablehouse platform noted that 2021 will see a “continuation of a bull market” for both BTC and ETH. With the user experience gap in crypto soon to be solved as well as the ETH scaling, the institutional interest in BTC and the growth in DeFi will bring 2021 a lot of exciting things and more openness to the mainstream.
Ethereum in 2021 could see a growth of five times as new consumers enter the market. The ETH ecosystem is emerging as the backbone of the Web3 and will also pave the way for new business models that pave the way for a decentralized economy and for more interesting things to happen. Before the year ended, The strength seems to be growing as the cryptocurrency still has to face harsh rejection points around the recent highs despite Bitcoin’s blow-off to $28,500.
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