Ethereum is one of the most popular cryptocurrencies in the world, second only to Bitcoin in terms of market capitalization and user engagement. Recently, the most noteworthy altcoin celebrated its birthday.
On July 30th, 2015, Ethereum was officially launched and created its genesis block. From then, it went on to record significant gains and revolutionized the field of digital finance.
It is the Ethereum blockchain that introduced the concepts of digital finance and applications, which have later been supported by exchanges such as Binance that serve as the preferred destination for investors wishing to learn the latest about the Ethereum price, buy, sell, or trade.
In 2022, the crypto navigated the murky waters of the bear market and ensuing crypto winter. It wasn’t easy, and the value took some serious crit hits. However, since the beginning of 2024, the Ethereum price has been on the mend, albeit slower than many investors expected or would have preferred.
Since Ethereum has turned eight, there’s perhaps no better time than now to look back and assess its successful moments, as well as the more challenging ones, and get a clearer picture regarding what the future has in store for ETH.
The Beginning
Like most other crypto projects, Ethereum started with an idea after Vitalik Buterin outlined his plan to create executable smart contracts at the famous Bitcoin Miami conference in 2014. That was the beginning of the Ethereum blockchain.
The Ethereum protocol was in development and receiving contributions even before the confirmation of the first block, which appeared in July 2015 as part of the first Ethereum live release.
By 2020, blockchain technology companies began supporting the development of Dapps on Ethereum, fostering the first significant wave of DeFi, NFTs, and DAOs adoption solely built on Ethereum. Moving forward, this was the type when the world moved towards global adoption, as well as Ethereum’s breakthrough in popular culture.
In 2021, the US stablecoin market surpassed the $25 million milestone, while non-fungible tokens continued to grow in popularity, achieving a record number of $3.25 billion in sales volume.
As we celebrate Ethereum’s 8th birthday, it’s a great time to reflect on its journey and consider important aspects of the crypto market, which have played a significant role in shaping Ethereum’s past and future, as discussed in the related article.
The Figures
Although the cryptocurrency market is well-known for fluctuations that can keep the price point on a pendulum between considerably different highs and lows. However, the overarching fact is that Ethereum has recorded significantly more growth than losses since its launch.
Community members took the asset’s birthday as the perfect opportunity to discuss exactly how much things have changed since 2015.
According to their data, Ethereum currently has around $400 billion in secured value, nearly 18 million blocks of digital property, and $3.6 billion in annualized profits. That’s not shabby at all, considering that Ethereum is still relatively new in the financial world.
Ethereum also became part of the late 2017 boom in initial coin offerings following the sudden rise of decentralized finance protocols.
The Upgrades
Since its introduction, the Ethereum blockchain has become famous for its dedication to upgrading the network to ensure a seamless user experience.
The Merge was one of the most noteworthy for the platform since it joined the Mainnet, the execution layer that has existed since the beginning of the network, with the Beacon Chain, a proof-of-stake consensus layer.
This change enabled the securing of the network through ETH staking. After The Merge, miners were replaced by speakers who locked ETH to have the right to validate transactions. The most important advantage of this upgrade was the reduction in energy usage.
It’s a meaningful change because the processes required to create new coins and validate transactions are well-known as power-guzzlers. The Merge represented a substantial shift in this regard as a way to create a more sustainable crypto environment and lower the carbon footprint associated with the operations.
The Merge also laid the foundation for all the major future updates planned for the Ethereum blockchain. The much-awaited Shanghai upgrade, introduced in April 2024, allowed validators to withdraw their staked coins that had so far been locked in the network.
And while most expected this movement to destabilize the market by causing a massive influx in withdrawn assets, it turned out to have the opposite effect.
Currently, the market is experiencing record numbers of staked coins as users see it as a more reliable way to drive revenue. Now, investors are looking forward to the emergence of the Dencun upgrade.
Investors are already anticipating that it will be a milestone in the evolution of the Ethereum network. Like the previous upgrades, Dencun will improve previous work to deal with persistent issues in scalability, usability, and security.
As we celebrate Ethereum’s 8th birthday, it’s a perfect occasion to delve into fascinating Ethereum insights, exploring its remarkable journey and the astonishing facts about this cryptocurrency, as highlighted in the related article.
The Road Ahead
Over the past year, Ethereum experienced a tough time alongside the rest of the crypto environment. The bear market, which analysts now believe is the worst the digital finance ecosystem has ever dealt with, didn’t spare Ether, and the coin recorded significant losses. They were even more notable, given the all-time high of 2021.
January 2024 ushered in a new era as the market began recording considerable gains. However, this trend didn’t last as much as expected since regulatory pressures started accelerating in the United States, plunging the market into further uncertainty.
The economic situation isn’t doing well either, with inflation remaining high and affecting the buying power of the average consumer. However, that doesn’t stop investors from being confident that the market will change sooner or later and regain its strength.
It’s still not definitive when users can see the differences materialize. At the moment, the prices are still struggling to gain momentum and strength around the $1,900 level. If Ethereum gains a stronger foothold there, the investors will likely see sizable growth and a more significant breakthrough in the bullish market.
The Bottom Line
Ethereum hasn’t been around for a decade, yet it has revolutionized the world of digital finance like nothing before. The general public is still becoming familiar with Ethereum and the technologies that support it.
Currently, many analysts believe that the blockchain can power a virtually endless amount of industries and businesses and might be the solution for many vulnerabilities that have affected these areas for a long time, such as lack of transparency.
As we celebrate Ethereum’s 8th birthday and contemplate its past and future, it’s worth understanding the intricate process of calculating crypto mining profits, shedding light on the technology that has driven Ethereum and other cryptocurrencies, as discussed in the related article.
There are still many things Ethereum needs to achieve on its road to success, and the future looks promising.
