Factors affecting ETH/USD
Ethereum, which is one of the largest cryptocurrency platforms, is also known as the World’s computer. It has the current market value of $15.7 billion, which makes it second after Bitcoin in terms of market value. Russian-Canadian developer Vitalik Buterin launched Ethereum in 2015. Ethereum ecosystem has seen various developments since then, which have influenced the market value of Ethereum. Here are the factors affecting ETH/USD:
a. Plan of upgradation– The developer team of Ethereum is ready to start rolling its Serenity update, also known as Ethereum 2.0, which will start the transition of the proof-of-stake concept. This may attract investors in the new World of Ethereum.
b. Ethereum Futures– US regulators have hinted that they may improve new currency based derivative products, which will be backed by Ethereum. CFTC (Commodities and Futures Trading Commodities) is going to give Ethereum futures a start.
c. Competition from other projects– Due to the emergence of new blockchain projects which are faster, cheaper, and more efficient, Ethereum is getting good competition. The new blockchain technology can handle many transactions at a time, which is reducing the interest of investors from Ethereum.