Ethereum price GBP: What could it be by 2023?
Wondering what the Ethereum price GBP could be by 2023? Crypto analysts have gathered their minds to brainstorm the prediction about the price of Ethereum this year and beyond.
Ethereum is highly popular since it’s feature-rich and has a vast number of applications that imply long-term growth. Perhaps you've heard about its connection to smart contracts, NFTs, and DeFi. Some claim that it has the capacity to displace Bitcoin! What's more, unlike most altcoins, Ethereum is less likely to crash and burn. Still, it has the potential to moon and earn investors massive profits.
Here we explore Ethereum price GBP and everything you need to know about Ethereum prices. But first things first. What’s Ethereum?
Ethereum in Brief
Ethereum is a decentralised computing platform that runs smart contracts: applications that execute exactly as intended, with no chance of fraud or third-party manipulation.
Ethereum as a cryptocurrency is mined like Bitcoin, but Ethereum's mining process is different. Ethereum miners who contribute more to the network receive a more significant percentage of the block reward than a proportion of the overall number of blocks. Ethereum was proposed in 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Bitcoin inspired him, but he thought Bitcoin needed more features than just being a digital currency.
Millions of people worldwide have used Ethereum, and it has been used to power some of the world's most extensive decentralised applications. Ethereum is a versatile platform that can be used for various purposes. Contracts and programs can be written in any programming language, and they can be run on Ethereum's blockchain.
Ethereum's native currency, Ether, is used to pay for transaction fees and computational services on the Ethereum network. Ether can also be traded on exchanges for other cryptocurrencies or fiat currencies like GBP or US.
A Brief History of Ethereum
Ethereum's price in GBP grew almost exponentially in 2017 and early 2018 due to the popularity of Initial Coin Offerings (ICOs). ICOs were a way for Ethereum projects to raise money by selling tokens to investors. Because you needed Ether to participate in ICOs, the demand for Ethereum soared. However, the era of ICOs is now over as regulators have cracked down on them.
Many projects turned out to be scams, which shocked the market enormously. Ethereum lost more than 92% of its value in 2018, but it has since rebounded from the price that dropped below $100. Ethereum's price will continue to rise as more and more people realise its potential.
The Ethereum blockchain, by far, is the most durable smart contract platform. It is said that 96% of the top cryptocurrencies have an Ethereum foundation. This means that 89% of the 1,000 best tokens are based on Ethereum.
Ethereum Price Prediction for 2023 by Crypto Experts
Ethereum price GBP is forecast to stabilise in 2023, with predictions varying from a minimum price of $1,711 to more than $8,000. Ethereum holders can breathe a sigh of relief, as most experts do not show any steep drop in price throughout the year. However, some predictions are more optimistic than others.
The Ethereum community will be keeping a close eye on the market throughout 2023. So, sit back, relax and hold on to your ETH - it looks like we're in for a bumpy ride.
Coin Price Forecast
On a wild ride, the price of Ethereum has been spiking up and down, but Coin Price Forecast's predictions are relatively optimistic. Their experts believe that Ethereum will reach $3,237 by the middle of 2023 and then continue to rise in value, reaching $3,965 by the end of the year. This is good news for Ethereum investors, who have seen the value of their investment increase significantly over the past year.
However, they warn that Ethereum's price is susceptible to sudden changes and could drop before rising again. So, if you're thinking of investing in Ethereum, it's essential to keep an eye on the market and be prepared to act quickly. Who knows? You might make a killing.
Ethereum's price is forecasted to peak in January 2023 at $3,491.198, which is quite a pessimistic prediction by Trading Beasts. They say that the value of ETH will reach its lowest point in December, with a minimum of $1,805.995. This is quite a steep drop from the beginning of the year and has caused Ethereum price GBP to be a hot topic among investors. According to their sources, the average price of ETH throughout 2023 will be within the $2,100-$2,800 range. However, some believe that Ethereum's price could spike again due to the increasing popularity of Ethereum-based DeFi applications.
In other words, if you're thinking about investing in Ethereum, you might want to hold off until after the New Year, when prices are predicted to stabilise again. Maybe Ethereum will have a rebound and prove Trading Beasts wrong!
If the Economy Forecast Agency's predictions are correct, Ethereum is in for a bumper year. By December, the value of Ethereum will have almost tripled, reaching $7,000. This will be good news for investors, but it may also mean that Ethereum becomes less accessible to everyday users.
While the price of Ethereum has been steadily climbing over the past few years, it remains to be seen whether this upward trend can be maintained. Only time will tell whether the Economy Forecast Agency's predictions come true.
Month Open Low-High Close 2023 Jan 2,194 2,194-2,723 2,545 Feb 2,545 2,545-3,159 2,952 Mar 2,952 2,952-3,560 3,327 Apr 3,327 3,327-4,129 3,859 May 3,859 3,859-4,789 4,476 Jun 4,476 4,476-5,555 5,192 Jul 5,192 5,192-6,036 5,641 Aug 5,641 4,406-5,641 4,738 Sep 4,738 4,738-5,881 5,496 Oct 5,496 5,496-6,821 6,375 Nov 6,375 5,772-6,640 6,206 Dec 6,206 6,206-7,458 6,970
Ethereum is a popular cryptocurrency, and it looks like its popularity is only going to continue to grow. According to Wallet Investor, Ethereum is forecast to have a positive year in 2023. The year will begin with a minimum price of $4,350.190, and by July, the minimum price will have risen to $5,460.000. Finally, by December, Ethereum is predicted to have a minimum price of $6,440.330.
Ethereum is an excellent investment for those looking to make some money in the cryptocurrency market. So, if you're thinking about investing in Ethereum, now may be the time to do it.
What's the Future of Ethereum Price GBP?
Ethereum (ETH) is currently the second-largest cryptocurrency by market capitalisation, Ethereum price GBP, and is expected to maintain this position in the foreseeable future. The Ethereum token is firmly entrenched as the second-largest cryptocurrency behind Bitcoin (BTC).
Ethereum accounts for approximately 54% of the $117billion in Total Value Locked (TVL) on all blockchains, especially in decentralized finance (DeFi) software. According to DeFi Llama, Ethereum is the first smart contract platform with a provably fair distribution of funds that is fully decentralised and censorship-resistant. The coin's benefits include its large developer community, leadership position in decentralized finance (DeFi), and planned to scale improvements for Ethereum 2.0.
However, Ethereum's price will continue to be influenced by various factors, including global economic conditions, innovation in the DeFi space, and Ethereum's scalability issues. Nevertheless, Ethereum is expected to remain a significant force in the cryptocurrency world for years to come.
"Several crypto firms have seen their valuations soar due to massive capital injections. Ethereum layer-2 developer StarkWare attained a $6 billion valuation, Immutable hit a $2.5 billion valuation with its NFT gaming platform, and Roofstock completed a funding round at a $1.9 billion valuation for its online real estate business." According to data compiled by James Butterfill, head of research at CoinShares, usage of Ether and bitcoin, and stablecoins, as a substitute for cash has risen in Ukraine and Russia.
"At times, Russia and Ukraine have seen daily trading volumes of US$80 million per day. This has primarily been against the crypto pairs USDT and BUSD, popular US Dollar stable coins (cryptocurrencies linked to the US dollar). Still, we've also seen significant quantities of Bitcoin and Ethereum used...We believe that cryptocurrencies are being utilised as a financial hedge against declining national currencies and their mobility, particularly by Ukrainians seeking to flee their country."
So, what's the future of Ethereum price GBP? Experts have weighed in with their predictions, and while no one answer fits all, it seems likely that Ethereum will only continue to grow in value. However, it's important to remember that these are just forecasts and that prices could go up or down depending on various factors. In short, whether you're looking to invest now or hold off for a bit longer, Ethereum is worth keeping an eye on as we move into the future.
With such potential for growth, don't be surprised if the Ethereum price skyrockets in the next few years since it's here to stay.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.