There was an Ethereum price rise on Wednesday after SpaceX and Tesla CEO Elon Musk asserted that he owns Ethereum cryptocurrency at “The B Word conference” which was an event that was hosted by the Crypto Council For innovation.
Ethereum Price Rise And Elon Musk
Ethereum which was already trending that day touched its high of the session, after Musk’s statement. It increased by more than 12% and was the highest for that day.
Despite the prevailing environmental risks, Musk also repeated for his supporters saying,
“One thing you do need to watch out for with crypto, especially bitcoin, using proof of work, using energy that’s a bit too much and not necessarily good for the environment.”
As the mining of Bitcoin is powered with renewable energy, Musk also said that Tesla will again start to work with Bitcoin.
Musk further added that this time the only public stocks he owns are that of Tesla and Bitcoin, Dogecoin, and Ethereum. He said,
“The only significant thing I own outside of Tesla is SpaceX.”
He also confirmed that he has been holding Bitcoin for a long time now.
“If the price of bitcoin goes down I lose money. I might pump but I don’t dump. I definitely do not believe in getting the price high and selling or anything like that. I would like to see bitcoin succeed.”
Bitcoin Price Falls And Ether Rises
Ethereum has been recently making rounds in the crypto market whereas Bitcoin has witnessed a severe crackdown due to the current US recession. On Tuesday Goldman Sachs shared the Ethereum price prediction end of 2021 and also the out looks for the crypto moving forward. They also argued that the original use cases of the Ether crypto can soon make this digital currency the powerful store of value. This is the reason for the Ethereum price rise.
This means that this coin has the potential to overtake the position of Bitcoin in the crypto market. But on the other hand, the brand value of Bitcoin is stronger as it has been cultivated for many years now. While this can provide Bitcoin an added advantage, it lacks the real use case that Ethereum caters to more. According to a recent report,
“Currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.”
Ethereum Price Prediction Chart
The crypto market is seeing many fluctuations in its price, there was a sharp fall in Bitcoin price and other cryptos. So predicting the price of crypto for future reference is not always correct, but they match to some extent provided that there is not much change in the prevailing market scenario.
Ethereum Price Prediction 2021
Ethereum price prediction for 2021 is not looking too bright for the second largest coin after Bitcoin. But by the end of 2021, there can be an improvement in the situation. Depending on various opinions by the experts and the AI predictions ETH may rise to $3,000 in December 2021.
Ethereum Price Prediction 2022
According to Trading Beasts, Ethereum holders can get upset because of the January 2022 price prediction. According to them, the year will commence with a minimum value of $1,607.327 which will get lower with time. However, there can be unpleasant surprises as well for the whole year.
Ethereum Price Prediction 2025-2040
According to a financial firm,
“Starting with a minimum price of $5200 in the long term, that means ETH price may record a new all-time high of $5600 over the next five years as per our prediction, and so the bull will be back in the near future.”
All experts agree to the fact that Ethereum price prediction 2040 is not at all an easy job. The further ahead we move in time, the hazier the picture becomes.
Conclusion
With Proof of Stake and sharding, developers of the Ethereum network aim to enhance the security of the network and make it more worthy for investors like Elon Musk whose association with Ethereum has increased its value. Ethereum price rise was boosted by the association of Elon Musk and his statement on him being one of the owners of Ethereum.
Frequently Asked Questions On Ethereum Price Rise
1. Why is the Ethereum price going up?
Ethereum has increased over the last year as the fame of decentralized finance (DeFi)—using digital currency technology to recreate products of the traditional bank such as loans and insurance and formulate on top of Ethereum’s blockchain. Another reason for the recent Ethereum price rise is the statement by Elon Musk where he claims himself to be among the owners of Ethereum.
2. What will Ethereum cost in 2021?
The price of Ethereum in 2021 is not looking too bright for the second largest coin after Bitcoin. But by the end of 2021 there can be improvement in the situation. Depending on various opinions by the experts and the AI predictions ETH may rise to $3,000 in December 2021.
3. How much will Ethereum rise?
According to a prediction on the Ethereum price rise is set to reach to almost $20,000 by 2025, which is an increase of 400% from its present price, with “major upgrades” to the Ethereum network, pushing it higher.
