Ethereum was $11 during the last Presidential election—now it’s $355

2020-10-1 13:00

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.

Evan Van Ness, an Ethereum researcher, said:

“Four years ago during the #PresidentialDebate, the price of Ether was $11.”

Three major catalysts catapulted Ethereum by more than 30-fold in four years. The factors are the resurgence of decentralized finance (DeFi), surging user activity, and the anticipation of ETH 2.0.

The resurgence of DeFi

Since mid-2020, the demand for Ethereum noticeably increased at an unprecedented pace. Most of the newfound demand for ETH came from the DeFi market.

For DeFi users to transfer tokens to stake or earn a yield on DeFi protocols, they need to spend gas. 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. In some periods, average gas costs rose to 600 to 1,000 GWEI, costing users $50 to $200 per transaction.

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.

The confluence of the two factors exacerbated the recovery of ETH from the March 13 crash.

The weekly price chart of Ethereum. Source: ETHUSD on TradingView.com

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

Data from the blockchain explorer Etherscan shows that the user activity on Ethereum has hit an all-time high. On September 17, the number of daily transactions on Ethereum achieved 1.4 million, to a new record high.

The number of daily ETH transactions. Source: Etherscan.io

The surging user activity like came from the DeFi market, as users began to utilize decentralized exchanges like Uniswap over centralized platforms.

At its peak, the daily volume of Uniswap surpassed Coinbase Pro, processing $426 million in trades on a single day.

ETH 2.0 anticipation is building

Ethereum users expect ETH 2.0 to shortly arrive because the ecosystem needs it more than ever before.

The high gas costs and the frequently-clogged blockchain network has caused the user experience in DeFi to degrade. For the first time, legitimate user activity is overwhelming the blockchain to the point it cannot handle the capacity.

For the long-term growth trajectory of Ethereum, such a trend is highly optimistic. In previous bull cycles, the price of ETH soared, but there were lackluster fundamental factors and user demand to supplement it.

This time around, the price of ETH is rising in tandem with user activity and overall investor demand.  Throughout the next four years, if backed with adequate developer activity and progress with ETH 2.0, the trajectory of Ethereum remains positive.

The post Ethereum was $11 during the last Presidential election—now it’s $355 appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3092.65 (+0.03%)
Объем 24H $14.428b
Изменеия 24h: 4.87 %, 7d: 6.18 %
Cегодня L: $3088.33 - H: $3094.32
Капитализация $371.49b Rank 2
Цена в час новости $ 366.22 (744.48%)

presidential election ethereum 355 cryptoslate four ago

Источник: cryptoslate.com

presidential election → Результатов: 115


Bitcoin Fundamental Expert: “Clarity” Comes After “Rocky” Election Ends

An expert in Bitcoin fundamental analysis claims that although the cryptocurrency is bullish currently, things could get “rocky” until after the US Presidential Election concludes. But as soon as the winner is chosen,  the “clarity” combined with the asset’s halving has in the past provides “solid” foundation for each new bull run to begin. Bitcoin […]

2020-9-24 04:00


Фото:

Jim Rogers Predicts End of Dollar Dominance as US-China Tensions Escalate

Renowned investor Jim Rogers believes that the U.S. dollar dominance is coming to an end as the tensions between the U.S. and China mount. The growing national debt, the protests, the political uncertainty surrounding the presidential election, and countries seeking a USD alternative in fear of sanctions will take a toll on the dollar, he […] The post Jim Rogers Predicts End of Dollar Dominance as US-China Tensions Escalate appeared first on Bitcoin News.

2020-9-9 21:15


How Will Crypto Cope In Regulation-Friendly State Belarus After Lukashenko’s Protested Presidential Win?

Crypto-friendly state Belarus faced a nation-wide internet blackout on Monday after a hotly contested presidential election on Aug. 9. The country has been facing mass protests since the announcement of the incumbent president, Alexander Lukashenko’s landslide win over Svetlana Tikhanovskaya, the opposition leader who claims the vote was massively falsified.

2020-8-11 18:00


Фото:

Justin Amash Reveals Third-Party Presidential Bid: Pro-Bitcoin Libertarian Candidate Targets Trump’s Seat

U.S. President Donald Trump now has an unexpected challenger as the independent congressman from Michigan, Justin Amash, says he plans to run as a Libertarian candidate in the 2020 election. Besides John McAfee and Adam Kokesh, Amash is also a pro-crypto candidate, a believer in free markets, and has spoken positively about bitcoin seven years […] The post Justin Amash Reveals Third-Party Presidential Bid: Pro-Bitcoin Libertarian Candidate Targets Trump’s Seat appeared first on Bitcoin News.

2020-5-1 02:45


Billionaire Michael Bloomberg Ends 2020 Presidential Race, Who Is Left To Advocate For Crypto?

Michael Bloomberg, the billionaire and Presidential candidate who advocated clearer regulations for crypto, has exited the November 2020 Presidential election race. As reported by Wall Street Journal (WSJ), Bloomberg is going to endorse former US Vice President Joe Biden, even if he spent over $620 million in 3 months for his campaign. Bloomberg had plans […]

2020-3-5 22:40


Фото:

With Mike Bloomberg Out, What’s Next for Crypto in the US?

Billionaire Michael Bloomberg who previously advocated for clearer crypto regulations has dropped out of the race to win the Democratic ticket for the November 2020 U. S. presidential election. Bloomberg Drops Out After Super Tuesday Crash and Burn According to the Wall Street Journal (WSJ), Bloomberg, a former New York Mayor is the latest Democratic candidate to exit the race, while endorsing former U.

2020-3-4 21:00


Facebook will clearly label fake news to prevent 2020 ‘election interference’

Social media, a tool created to guard freedom of speech and democracy, has increasingly been used in more sinister ways. From its role in lowering the levels of trust in media, to inciting online violence, and amplifying political disinformation in elections— Facebook isn’t just a space to share “what’s on your mind,” and you’d be naive to believe so.

2019-10-22 11:37


Does Hillary’s Swipe Make Tulsi Gabbard a Front-Runner in 2020?

Hillary Clinton lashed out at Democratic congresswoman and 2020 presidential candidate Tulsi Gabbard. The 2016 Democratic nominee claimed that Russia is grooming Rep. Gabbard (D-HI) to run the third party in 2020 as an election spoiler to hand Donald Trump a second term in the White House: “They are also going to do third party […] The post Does Hillary’s Swipe Make Tulsi Gabbard a Front-Runner in 2020? appeared first on CCN.com

2019-10-21 20:52


дальше еще 66 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation

The Ethereum market has been a whirlwind of activity in recent days. After a brutal price correction last week, the world’s second-largest cryptocurrency by market capitalization has staged a mini-rebound, leaving investors wondering if this is the start of a sustained bull run or a fleeting flicker before another dip.

Ethereum To See Fresh Move Soon? What Futures Data Says

Data shows the Ethereum Open Interest has been trading at relatively low levels recently. Here’s what this could mean for the asset’s price. Ethereum Open Interest Has Been Moving Sideways Since Its Plunge As explained by an analyst in a CryptoQuant Quicktake post, the ETH Open Interest has followed a similar trajectory as the price of the cryptocurrency recently.

Ethereum Fees Now Lowest Since January: Is It A Bottom Signal?

On-chain data shows that Ethereum transaction fees have dropped to their lowest level since January, a sign that a bottom could be close. Ethereum Transfer Fees Has Plunged As Network Has Gone Cold According to data from the on-chain analytics firm Santiment, Ethereum transaction fees have taken a notable hit recently.

These Are The Ethereum Altcoins Witnessing High Whale Interest

Here are the Ethereum-based altcoins that are currently witnessing a high amount of activity from the whales, according to on-chain data. These Ethereum Altcoins Are Seeing High Whale Transactions Right Now In a new post on X, the on-chain analytics firm Santiment has discussed how several Ethereum-based altcoins have been seeing notable whale activity recently.

Ethereum Breaks $2,900, But Watch Out For Futures Overheating

Ethereum has broken beyond the $2,900 level during the past day, but data shows the futures market may be starting to become overheated. Ethereum Has Now Broken Through The $2,900 Level While Bitcoin has slumped to an overall sideways trajectory recently, Ethereum appears to have decided to pick a path of its own, as the second largest asset in the sector has surged almost 4% over the past 24 hours.

Recovery Dim? Ethereum Faces Potential Slide Towards $2,000

Ethereum, the linchpin of the decentralized application ecosystem, finds itself navigating a precarious path this week. The cryptocurrency’s value, having breached the pivotal $2,250 support level, now teeters on the edge of a decisive crossroads, caught between the prospect of a resurgence and the looming threat of a more pronounced downturn.