Ethereum
Happy Birthday Ethereum! Vitalik Buterin Reveals Major Predictions for Ethereum’s 9th Birthday!!
Vitalik Buterin, co-founder and lead developer of the Ethereum (ETH) network, will lead the Ether community in celebrating 9 years of tangible growth and adoption. In an X post, Buterin celebrated Ethereum’s ninth birthday.
“I can’t wait to see what the next decade brings,” Buterin said. note.
Meanwhile, Buterin will be presenting at the EDCON 2024 conference in Tokyo later today. During the main event, “The Next 10 Years of Ethereum,” Buterin is expected to highlight Ethereum’s role as a globally traded commodity.
Major developments in the first decade for Ethereum
Since the invention of smart contracts, the Ethereum network has become a major hub of Web 3. It has thus attracted the attention of institutional investors and retail traders around the world.
In its early days, the Ethereum network used a proof-of-work consensus mechanism similar to Bitcoin. However, the Merge event allowed the Ethereum network to successfully transition to the current proof-of-stake (PoS) consensus mechanism.
Therefore, more than 35 million Ether was staked to secure the network.
The Ethereum network has undergone several other upgrades, including the London hard fork and the recent Dencun upgrade.
Over time, the Ethereum network has achieved the status of an ultra-sound currency, mainly due to its deflationary nature.
The highlight of Ethereum’s first decade of development was the approval of Ethereum spot ETFs in multiple jurisdictions, led by the United States.
Evolution of the price of ether
Over the past nine years, the price of Ethereum has grown from around 43 cents to around $3,336 at the time of writing, representing a growth of over 770,000%. The astronomical growth in Ethereum’s price is largely attributed to the widespread adoption of Web3 protocols and digital assets.
In the medium term, Ethereum price is expected to consolidate in the same range before reaching its all-time high. With August set to be a turbulent month for the entire cryptocurrency sector, fueled by the upcoming FOMC statement, Michaël van de Poppe expects Ether price to fall towards $2,563 if the support level around $3,136 fails to hold.