• Ethereum has been breaking barriers since the start of the year, currently trading at $1,588 and gaining 20% in the past week.
• The recent Shanghai network upgrade has generated buzz in the market and Vitalik Buterin has shared his vision of the Ethereum ecosystem in the year 2032.
• Analysts are still bullish on Ethereum’s short-term prospect and believe that if Buterin’s vision turns into a reality, the Ethereum ecosystem would become the most decentralized in the world of DeFi.
The cryptocurrency market has seen a major resurgence as of late, with Bitcoin and Ethereum leading the charge. Ethereum, the top altcoin, has been making headlines this week after gaining 20% in the past seven days, boasting a current price of $1,588 according to CoinGecko. This surge in price comes at the heels of the latest news regarding the Shanghai network upgrade, which would add new features on the Ethereum platform.
The upgrade has generated a buzz in the market and the Ethereum Foundation has stated that it would “unlock new possibilities for the Ethereum ecosystem.” Vitalik Buterin, the founder and inventor of Ethereum, recently shared his vision for the cryptocurrency in the year 2032. According to Buterin, Ethereum’s future would involve the ability to run nodes on a phone and this could help to solidify Ethereum’s position as a major player in the DeFi space.
Analysts are still bullish on Ethereum’s short-term prospect and believe that if Buterin’s vision turns into a reality, the Ethereum ecosystem would become the most decentralized in the world of DeFi. This would provide Ethereum with a competitive edge over other platforms and could help to drive the price of Ethereum higher. With that being said, traders and investors should remain vigilant in the days and weeks to come, as the cryptocurrency markets are notoriously volatile and unpredictable.
Despite the volatility, Ethereum has seen a remarkable recovery since the start of the year, and the Shanghai network upgrade could be just the catalyst that Ethereum needs to reach new heights in 2021. With the increasing buzz and positive sentiment surrounding the cryptocurrency, Ethereum could very well reach the $2,000 mark this year and beyond. For now, traders and investors should continue to monitor the market closely and be prepared for any changes that may occur in the coming days and weeks.