The price of one
Ethereum
token is now hovering around
$1,800 Canadian (at time of writing)
. It burst through that mark last night after temporarily rising in value over 15% overnight. The market is slightly down this morning but over the last week, Ethereum’s ups and downs have averaged out to a 14% gain. Among the top 20 cryptocurrencies, only lending platform Aave and decentralized exchange token Uniswap have seen greater gains over the past seven days.
Why Ethereum Still Has Room to Run beyond Its All-Time High
2020 was clearly the year that institutional investing in cryptocurrencies truly began to ramp up. The thing is most of that capital went into Bitcoin . Ethereum’s next on the docket.
Another reason it’ll likely explode in price for the rest of this year is because Ethereum has fundamental value within the cryptocurrency space. The great majority of decentralized finance projects specializing in synthetic tokens, lending and borrowing rely on Ethereum to transact. This means a greater number of Ethereum tokens is being eaten up by fees, which lowers the supply available.
Retail investors will soon feel the pinch. Institutional investors can pour large amounts of capital into the space by leveraging large companies who act as custodians. On the other hand, retail investors are at the mercy of centralized exchanges. Those centralized exchanges are
running out of Ethereum tokens
to sell. Since cryptocurrencies started out as a movement created by retail investors and early adopters, it’ll be those speculators and investors that will drive up the price when they realize they can’t get their hands on Ethereum tokens so easily.
Now Is the Time to Buy Ethereum at Netcoins
is one of the most trusted and secure cryptocurrency exchanges in Canada. It provides easy ways to purchase Ethereum tokens right now.
Register for a free account, choose a payment method, and make your purchases. It’s that simple. Ethereum is clearly proving itself to be a digital asset worthy of holding long term. Start HODLing today.
Written by: Jack Choros
Writer, content marketing at Netcoins.
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions. Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk. The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
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