Ethereum had a very thoughtful 2020 along with other crypto coins in which Bitcoin was leading from the front. As the second-largest cryptocurrency in the capital market, Ethereum had its fair share of valuation along with Bitcoin in 2020. So far 2021 looked promising and busy for the digital currencies as well, according to many analysts.
Ethereum’s value quadrupled in the last year rising above $700 after a long time. Previously Ethereum’s value went above $700 in 2018. The previous year was not only beneficial for the Ethereum network in terms of value but Ethereumalso saw some successful testnets. The network was testing new methods for the launch of its highly anticipated upgrade called Ethereum 2.0.
Matthew Gould, founder of Unstoppable Domains, said that the industry might witness Ethereum hitting the price of $3000 earlier than expected. He stated that with the presence of Ethereum built DeFi, it would be receiving a high number of daily users. He stated also that the number of users would be bigger than any other blockchain network including bitcoin.
It is said that Ethereumwould perform even better in 2021 and would progress towards sending live its promised Ethereum 2.0.
Monica Singer of blockchain technology advising company Consensys said that Ethereum 2.0 would lay down a new roadmap along with the previous network. She said that it will be introducing shard chains and eventually merge Ethereum 1 network into Ethereum 2.0.
She further stated that with more applications being developed on Ethereumblockchain, Ethereumwould is catching the interest of further developers. Many of these developers would then be willing to join Ethereumcommunity soon, she added. Resultantly, this will send a further surge in the value of ETH.
PhillippeBekhazi, Stablehouse’s CEL believed that demand for Ethereum and Bitcoin in 2021 would be as bullish as of 2020. Meanwhile, Jack O’Holleran argued that cryptocurrencies would likely to go mainstream in 2021 as the gap between the user and network will be removed. As per his opinion, this gap will be removed on the basis of Ethereum’s scaling and rising interest in DeFi.
It is said that Ethereum with its scaling solutions is a gateway for many other decentralized applications. It is believed to be the backbone for projects like DeFi. It is the platform of choice for projects in 2021 and has a bright future, said O’Holleran.