This article is aimed to highlight some specifics of Ethereum and things you should know about purchasing ETH in 2020.
Ethereum is the second largest digital currency in the world and it is a subject of the hot discussions when it concerns investing into cryptocurrencies. Ethereum project was introduced in 2015 and sparked tremendous interest. Ethereum (ETH) is a blockchain based platform for creating decentralized applications using smart contracts. Ethereum holds the leading position by the number of decentralized applications (over 2 thousand) while smart contracts can be engaged into market organization, creation of contracted payments and keeping records of obligations by the parties.
Representatives of the cryptocurrency community are convinced about the growth of scalability that is necessary to support the widespread implementation of decentralized finance (DeFi) protocols after the transition of Ethereum to 2.0 stage with the stacking possibility. The test version of Ethereum 2.0 Topaz with the Proof-of-Stake algorithm, which was launched on April 18, attracted almost 20 thousand validators in a short time. At this stage, the network should be stable for at least two months before the launch of the main network of the zero phase.
It is obvious that Ethereum is going to take an upward surge this year. According to some analysts it can reach $320 and others believe it will approach $1400 by the end of 2020 due to the developments indicated in ETH’s roadmap. Following the roadmap recently proposed by Ethereum founder Vitaliy Buterin network transformation will take the next 5-10 years. However, many participants in the cryptocurrency market have already started getting ready for such changes. This became obvious due to the price growth by 25% over the past 30 days with increased trading volumes.
The value of assets that had been transferred on Bitcoin and Ethereum networks reached parity, while 80% of transactions within the Ethereum ecosystem in the first quarter of 2020 were conducted with the participation of stablecoins. According to analysts, stablecoins are becoming a leading tool for large transfers. This could lead to an influx of liquidity into the Ethereum ecosystem and further strengthening of its position as a dominant platform.
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