The cryptocurrency market has been on a wild ride in 2021, with Bitcoin and other major coins experiencing significant highs and lows. But one altcoin has been on an absolute tear, with Ethereum surging 1,100% since the beginning of the year. This incredible surge has come despite the recent pullback in the crypto market, and is a testament to the growing hype surrounding Ethereum and its underlying technology, artificial intelligence (AI).
Ethereum is a decentralized platform that enables developers to build and deploy decentralized applications (dApps). It is powered by its own blockchain, which is secured by a network of computers running the Ethereum Virtual Machine (EVM). This network of computers is responsible for verifying transactions and executing smart contracts, which are self-executing agreements written in code.
The surge in Ethereum’s price can be attributed to several factors. Firstly, the increasing demand for decentralized applications (dApps) has driven up the demand for Ethereum’s blockchain. This is due to the fact that dApps are built on top of Ethereum’s blockchain, and as more developers create dApps, the demand for Ethereum’s blockchain increases.
Secondly, the increasing hype surrounding AI has also contributed to Ethereum’s surge. AI is being used in a variety of industries, from healthcare to finance, and Ethereum’s blockchain is being used to power many of these applications. This has increased the demand for Ethereum’s blockchain and has helped drive up its price.
Finally, Ethereum’s recent surge can also be attributed to its growing popularity among institutional investors. Many large investors have been investing in Ethereum due to its potential for long-term growth. This has further driven up the demand for Ethereum’s blockchain and has helped fuel its incredible surge in 2021.
Overall, Ethereum’s 1,100% surge in 2021 is a testament to the growing hype surrounding its underlying technology, AI. The increasing demand for dApps and the growing popularity among institutional investors have also helped fuel its surge. As the crypto market continues to experience volatility, it will be interesting to see if Ethereum can continue its incredible run in 2021.
Source: Plato Data Intelligence: PlatoAiStream