Ethereum’s 5 Years of Success
Ethereum has completed a 5-year long journey, with many other prospects for the rest of the years. Ethereum’s token, Ether has first mined five years ago, today amid a scarcity in the knowledge and a handful of people in the crypto space.
Bitcoin was the only cryptocurrency at that time with 86 percent market share and the other rest were shared by Ripple’s XRP and Litecoin. But Ethereum since inception was successful in generating more addresses than bitcoin.
Bitcoin had generated 1098 addresses in the first 10 days where-as Ethereum generated 10,730. Currently, there are 107,214,054 addresses created on the Ethereum network whereas Bitcoin addresses amount to 25,369,974.
The Current Focus of Ethereum
Ethereum’s Defi platform has been a victim of its success. The growing demand and the escalation of the issues related to the present platform have led to the announcement of the Ethereum 2.0 platform.
Ethereum 2.0 will likely have better scalability solutions than Ethereum V1. The ETH 2.0 is expected to go live by the end of 2020 and bring the new era for the world’s most popular smart contract and decentralized application platform.
The Fake Death Story
The digital platform was also subjected to a fake dead story that caused the company with heavy losses. A hoax was created in the crypto space with the news of the Ethereum developer and creator, Vitalik Buterin, killed in a car crash.
Back in 2017, an online message board 4Chan published a post with the title, ‘Vitalik Buterin confirmed dead. Insiders unloading ETH’. ‘A Fatal car crash’. As the news was spread out, the currency’s price which had risen by 50 times, witnessed a major wipeout of $4 billion within minutes.
However, Vitalik took on twitter to dismantle all the false claims around his death. Also, very soon the ETH price started to recover. The interesting fact was that he used the blockchain selfie to disprove fake news stories about his death
ETH Was Overtaken By XRP in term of Market Cap
Back in 2017 and 2018, the long-standing Ethereum on the second position was overtaken by XRP, which is currently the fourth largest token in terms of market capitalization.
Once Ripple’s XRP had counted at around $26 billion and took the second spot whereas Ethereum had around $23 billion market capitalization. At that point, Ripple’s XRP skyrocketed and saw an unprecedented 140 percent growth in the week. In fact, it had seen the uptrend of over 80 percent surge in just one day.
Ethereum Statistics now and What’s in the future?
A platform of five years old has impressive statistics. They include
- Over 100 million unique Ethereum addresses
- Over 8000 live mainnet nodes globally
- More than 1 million daily transactions
- 111.8 million total ETH supply
- Over $35 billion market capitalization
- Nearly 2500 Dapps running on the network.
- Over $4 million ETH locked into Defi protocols
- Over 20,000 BTC tokenized on ETH.
Ethereum has a very long way to go, the launch of ETH 2.0 could be the turning point for the network in the future. However, ETH is expected to build a very strong and secure financial ecosystem and might take over it too.
With the launch of much-awaited ETH 2.0, many analysts and researchers have predicted a major bull run for the digital asset, which could hit the rocketing price of $1000 shortly.
However, at the time of reporting this, Ethereum is quietly plummeting by 1.12 percent within the past 24Hrs. The token is currently valued at $318 against USD, valuing the market capitalization at $35,681,393,264.
While ETH is valued at the mark of $300 on its Birthday, what’s your prediction on ETH’s value on its next Birthday? Let’s chat on Twitter @CoinpediaNews