Ethereum has seen its price return to around $2k after the market saw a rebound really in the last 24 hours.
Over the 24 hours, Ethereum reached a low of $1,731 before rebounding above $2k after bulls rushed in to buy Ethereum at lower prices.
This has translated to a 6.5% price increase for the smart contract platform.
Ethereum is set for a number of upgrades in the near future, including its long-anticipated switch to a proof of stake mechanism rather than a proof of work that it uses currently.
This will reduce the energy cost of Ethereum and will also lead to lower gas prices for transactions – something that has irked users of the platform for smart contracts such as staking or pooling tools.
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What makes Ethereum a possibly good buy right now?
Some market analysts, such as Two Prime’s Nathan Cox, have suggested that Ethereum could one day “flip” Bitcoin. This means that its market cap could one day exceed Bitcoin’s, potentially leading Ethereum to higher highs the likes of which Bitcoin has seen in its price history.
Part of the reasoning for this is the greater use cases of Ethereum – some of which we have already seen with the recent rise of NFTs – as well as its highly active and regarded development team.
Remember that Ethereum has been on the market since 2015 – six years sooner than Bitcoin has, which means it still has some catching up to do in terms of price discovery.