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Ethereum Analysis — From 2015 to 2022

Ethereum Analysis

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Ethereum is a programmable blockchain that aims to create a decentralized model of programs upon which other technologies can be built with enhanced security and efficiency. For this reason, developers and companies who want to overhaul their operations using blockchain technology tend to favor Ethereum, allowing it to establish a stable reputation within the crypto market.

Before deciding to invest in Ether — Ethereum’s native token — or build your own application on the blockchain, it’s important to take note of the many factors that can influence its price. Read on to learn more about Ethereum’s progress from its conception to the present day and what the future has in store for it.

2015-2016: The start of Ethereum

Ethereum was launched in 2015 as an open-source public blockchain that could be used by developers to create their own decentralized applications. Blockchains allow the secure verification and execution of smart contracts, which are now widely used for digital transactions and are broadening their real-world applications. So although it sold for under $2 for the entirety of 2015, investors saw the potential in Ethereum’s use-cases.

Following its first year, Ethereum’s prices in 2016 ranged between $1 and $9. It did, however, reach a peak $14 right before the DAO hacking incident. This hack resulted in the loss of around 31% of DAO’s Ether. By then, the DAO had about 5% of all ETH, and its vulnerability created some doubt regarding the network’s security. This caused a split within the Ethereum community into two blockchains — Ethereum (ETH) and Ethereum Classic (ETC).

2017-2018: Ethereum’s continuous growth

In 2017, Ethereum faced tremendous growth despite its rocky start at the beginning of the year. During this time, derivative tokens that were created on Ethereum’s platforms, referred to as initial coin offerings (ICO), spiked in growth and generated demand for Ethereum. So, although Ethereum fluctuated dramatically throughout the year, it peaked at $1,056 in December.

By January 2018, Ethereum was already the second-largest cryptocurrency by market capitalization just behind Bitcoin. But despite Ethereum hitting a new peak at $1,786 by January 14, by December 2018 it fell to $129 — a major loss in market price compared to the start of the year.

2019-2020: Ethereum’s stable years

Ethereum from 2019 to 2020 was relatively stable, moving between $192 and $933. 2019 had been relatively underwhelming, as Ethereum failed to make gains, losing 7.5% since the start of the year. It got recovered in the following year in 2020, with its price rising from $165 at the start of the year to $933 by the end — an impressive 450% gain.

2021: Ethereum’s immense growth

Ethereum’s continued popularity as the go-to blockchain for developers was enhanced by the rise of non-fungible tokens (NFTs) and decentralized finance (DeFi). Because of this, Ethereum’s price soared in 2021, returning nearly 400% and rising to an all-time high of around $6,170 in November.

2022 and the future of Ethereum

Crypto is notoriously volatile, and 2022 has seen a historic crash in the market. Ethereum is no exception and has fluctuated dramatically over the past couple of weeks. Even at the time of writing, if you wanted to buy ETH it would cost you around $1,400, a drastic dip from its highest price point in 2021.

However, experts predict that Ethereum’s value could increase by as much as 400% higher by the end of 2022. This is due to Ethereum’s advantage over other cryptocurrencies as a blockchain-based network that has many possible use-cases for tech in industries such as gaming, music, entertainment, and DeFi. The platform also has over 90% of the increasingly popular NFT market. Additionally, Ethereum has gained more praise over recently shifting to a Proof-of-stake mechanism. This is in direct response to the previous Proof-of-work approach which raised many ecological red flags. With Ethereum’s proof-of-stake, 99% less energy is used when validating transactions. This move is widely considered the next step in crypto sustainability.

Scope of Ethereum Audits

The flaws in the Ethereum contract that lead to the major assaults are to be taken care of to mould the Web3 ecosystem into a sustainable and secure domain. 

Performing security audits in an established firm like QuillAudits improves the likelihood of the project’s success in the market by tightening the security to escape the grasp of hackers.

In closing, there are many factors that will influence this particular cryptocurrency’s performance for the rest of 2022 and beyond. But despite its current dip, Ethereum still stands to grow in the near future. With Ethereum’s smart and calculated initiatives, it’s not impossible for it to one day become the market leader.

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