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Ethereum has already broken Bitcoin’s record for a year’s gains. Is this the beginning of a long-term growth phase?



DATE OF PUBLICATION: 2021-01-21 17:10:23 Two days ago, namely on January 19, the Ethereum rate reached an all-time high – $ 1251. Over the past year, Ethereum has gained more than 600% in price, breaking even the Bitcoin record in this regard. For comparison, Bitcoin added a little more than 300% of its value in 12 months. An important event for the growth of Ethereum is the launch of the zero phase of the second network, which was planned for more than a year. In December 2020, altcoin developers implemented the Ethereum 2.0 deposit contract, to which investors can transfer their virtual coins and multiply their number through staking. The annual profitability is 10% (excluding costs). The downside is that users are not able to withdraw their ETH. This requires the update to reach phase 1.5. And the exact timing of the onset of this stage is not known to anyone. The “ether” rate began to grow rapidly in March 2020. On January 10, the altcoin set a local maximum of $ 1,350. Then, on January 11, a correction took place: the asset’s quotes fell to $ 900. This period can be called a kind of “recharge” for Ethereum, the price of which has every chance of further growth. Risky sentiments in the markets, the return of traders to active trading after the holiday weekend in the US had a significant impact on the entire cryptocurrency market. And on January 19, Ethereum surpassed Bitcoin in terms of daily trading volume. Investors concluded deals worth $ 12 billion, that is, $ 3 billion more than with bitcoin. At the same time, these data do not take into account those transactions that took place on decentralized exchanges. Some analysts suggest that in the short term, there may be some decline in the value of Ethereum or its consolidation at around $ 1,400. However, in the long term, many agree that the Ethereum rate , as well as bitcoin, will grow. The launch of ETH futures will increase its liquidity and provide many opportunities for price manipulation, which will entail both positive and negative dynamics.According to the founder of the STASIS stable cryptocurrency platform Grigory Klumov, today Ethereum is rising in price due to the launch of Ethereum futures on The Chicago Mercantile Exchange (CME), and after the implementation of the launch will begin to decline smoothly. By the way, the launch is scheduled for February 8 this year. The expert believes that short positions will be opened against the “ether” on CME, and this will have an extremely negative effect on its value. Thus, according to Klumov, it would be advisable to fix positions in the period from 25 to 28 January. However, it should be borne in mind that three months after the expected February decline, “ether” will start to rise in price again. Moreover, the rate of recovery of quotes will largely depend on how successful the Ethereum 2.0 update is. There are many experts who are confident in a significant rise in the Ethereum cryptocurrency in the near future. So, according to the forecast of the managing partner of the Moonrool Capital fund Simon Dedich, the Ethereum rate may well grow to $ 3,000, and this will happen after it updates its historical maximum. Currency.com financial analyst Mikhail Karkhalev is also confident in this altcoin and believes that he has every chance to rise to $ 2,500 and even $ 3,000 during this year. They are echoed by another expert in the field of cryptocurrencies – the founder of the information portal Nugget’s News Alex Saunders. He believes that, albeit not in the near future, Ethereum may well grow to both $ 5,000 and $ 20,000. Material provided by InstaForex – www.instaforex.com Source – InstaForex

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