Five things to know about Ethereum including its 2022 price prediction

MAJOR cryptocurrencies including Ethereum have been on the rise lately but you might be wondering whats so special about it.

In the past 24 hours, the price ofEthereumhas climbed by 2% to $3,814.73, according toCoinbase.

The cryptocurrency has jumped by nearly 1000% in the past year

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The cryptocurrency has jumped by nearly 1000% in the past year

And in the past week, Ethereum has gained 8%.

If youre considering buying one of the majorcryptocurrencies, we explain five things you need to know.

As always with any cryptocurrency, remember that making money is never guaranteed and you could lose all the cash you put in.

The second-largest cryptocurrency behind Bitcoin

In the past, you might have seen Ethereum compared toBitcoin, as both have many similarities.

That includes both being digital currencies that are stored in crypto wallets, and both are decentralized.

This means that they arent regulated by an authority including a central bank.

But perhaps what you didnt know is Ethereums market capitalization in the crypto space trails just Bitcoin.

Etherums market capitalization exceeds $450billion, while Bitcoin is now valued at more than $1.2trillion.

Trading explosion in the past year

If you thought the gains in the past week were impressive then youll be blown away by whats happened in the past year.

During that period, Ethereum has skyrocketed by nearly 1,000%.

Likewise, Ethereum is following similar positive trends of Bitcoin, as of late.

The recent surge of Bitcoin can be attributed to Gary Gensler, chair of the US Securities and Exchange Commission, repeating his support for Bitcoinexchange-traded funds(ETFs).

Whats so special about Ethereum?

Although Ethereum shares some similarities it has some notable advantages over Bitcoin, with one being broadness.

Specifically, Bitcoin is just a digital currency, while Ethereum was built as a general-purpose blockchain.

This allows for unlimited smart contracts functions.

Also, Ethereum can process transactions quicker on its network compared to Bitcoin.

In addition, many developers opt to build their programs on Etherums platform because of its high decentralization.

Risks

Although Ethereum is the second-largest cryptocurrency, it is still subject to the same risks in the industry.

One of them is the high volatility.

For example, Ethereum hit an all-time high of $4,362.35 in May 2021 but remains down 13% to date despite the recent surge.

Along with price volatility, the cryptocurrency sector comes with a lot of complexity, so you need to understand what you’re investing in.

Price prediction

Some are wondering where the price of Ethereum will wind up in the future especially now given the recent gains.

And many forecasters dont think it will be too much longer until Ethereum climbs to a new all-time high.

At the end of the year,CoinPriceForecastexpects Ethereum to hit $5,646 and $12,578 by the end of 2024.

AndWalletInvestorhas a one-year forecast of $ 6,394.27 and a five-year forecast of $16,503.80.

But keep in mind, forecasts can change if Ethereum experiences near-term volatility.

We explainfour things you need to know about Dogecoin.

Weve also revealed price predictions for other cryptocurrencies includingBitcoin,Dogecoin,Shiba Inu,dYdX, andEOS.

World’s 1st ‘crypto HAMSTER’ makes Bitcoin trades on Twitch

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