Ethereum’s popularity is growing every day, as people continue to wonder whether it will supersede Bitcoin in the near future. The price of Ethereum reached a high value of $4,362 in May, which was it’s highest value ever since. Even though the price is currently fluctuating exactly like Bitcoin, there’s a rumour going on that it’s price rate will still make another surge soon.
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It hasn’t been long since a major upgrade in the Ethereum network was announced. Upgrading the Ethereum network to Ether 2.0 remains the trending topic nowadays. With this huge upgrade, transactions will be easily verified at a lower fee. The awaiting benefits from this upgrade can lead to a quick surge in the price rate of Ethereum to surpass Bitcoin in the future.
Ethereum the Leading Crypto in DeFi and NFTs
Apart from Bitcoin, Ethereum remains the largest cryptocurrency in the market. The market capitalization of Ethereum was estimated to be around $226bn in June, which of Bitcoin’s $625bn. Unlike other cryptocurrency, Ethereum is now in circulation globally.
This indicates that the Ethereum network is gradually growing every day. And when we take a look at the pending upgrade of Ethereum 2.0, there’s still a bright future ahead of them. The Ethereum network was developed to attract real world assets and it’s gradually reaching that expectation.
The Ethereum 2.0 upgrade will provide network stability and security, which will move the network from Bitcoin’s proof-of-work (POW) algorithm to the Proof-of-stake (POS) algorithm. Ethereum remains the best choice for people launching decentralized finance applications (DeFi) and non-fungible token (NFT). Ethereum is the foundation of DeFi, which is useful for running smart contracts on Ethereum Virtual Machine (EVM). This service enables holders of cryptocurrencies to issue their coins as a loan or collateral. Also you can open an account on cent account brokers to make quick money online.
Ethereum Upgrade to Fix high Fee Charges
The upgrade of Ethereum 2.0 is trending because of its additional benefit of reducing the high fee charges. The Upgrade of (Eth 2.0) EIP-1559, which is scheduled to happen on 14 July is among the biggest talks in the cryptocurrency market. Once this upgrade has been implemented on the Ethereum network, fees of transactions will be adjusted based on how congested the network is.
So, taking a look at this upgrade, you will understand that it will enable network fees to be predictable. And wallets will be able to set transaction fees, which will differ for every user. The benefits that users will gain from the reduction of transaction fees of Ethereum has a huge possibility of driving up its market value. This upgrade will also be beneficial to forex traders in reducing transaction fees. You can check the list of best broker in USA to start trading forex with a regulated broker.
Conclusion
Ethereum’s popularity is growing every day, as people continue to wonder whether it will supersede Bitcoin in the near future. Many people are still wondering whether Ethereum will rebound to a new price value soon. It’s very hard to determine what the future of Ethereum holds, however, it can be predicted that it will definitely rebound to new highs after the upgrade of Ethereum 2.0.