Ethereum Price History
Ethereum was developed by Vitalik Buterin in the year 2013, along with his other co-founders. Ethereum was reported to be one of the cryptocurrencies with many listed founders.
Ethereum allows cryptocurrency traders to create decentralized applications. When running on the blockchain, it turns into a self-operating program, executing trades automatically once specific conditions are achieved.
Smart contracts such as Ethereum allows the programmed code to run as smoothly as it must, without any form of shortcomings such as downtime, fraud, censorship, or third-party interference. In its self-operation, it can process transactions involving money exchanges, property, content, and shares. The network went live on July 30 of 2015, with over 72 million pre-mined Ethereum.
Ethereum is no stranger to the market volatility, despite being the next highest cryptocurrency next to Bitcoin. It has a large share in the cryptocurrency market, being one of the major cryptocurrencies at the moment.
How Much was Ethereum in 2015
Upon launch, the founders set up an ICO or Initial Coin Offering, which was in 2014. They raised almost $16 million. Each token was priced at $0.31.
The market much anticipated Ethereum’s ICO for Ether, dubbing it as “cryptocurrency 2.0”. After Bitcoin’s apparent value growth, more traders were open to investing in new cryptocurrencies coming into the market. In its ICO, Ethereum immediately sold over 7 million Ethers in only 12 hours. It sold millions of coins before it was available.
Ether acted as a requirement to be able to access the Ethereum platform. It was a breakthrough in cryptocurrency as a third-party platform was no longer needed to trade. It could be done on Ethereum itself.
It went live in July 2015 with 72 million pre-mined coins. Currently, that Initial Coin Offering accounts for almost two-thirds of the existing supply.
A month later, in August 2015, Ethereum was listed as one of the significant cryptocurrency exchanges. Initially, it was traded at $2-$3 dollars, but only for a short period. For the rest of 2015, Ethereum was traded at less than a dollar, $0.9 to be exact.
On the first day of 2017, Ethereum traded at $8.05, with a market capitalization of $700 million.
On March 12, it was worth $20. Only eight days later, its value doubled, being traded at $46. This fast value growth made it one of the fastest-growing cryptocurrencies in the market. Around this time, Ethereum’s daily trading rose to 450 million dollars.
In May of the same year, Ethereum traded at $100 against the US dollar. The rest of 2017 led to the significant growth of Ethereum in value. By June of 2017, it was traded at $377, before shortly slipping in July, as it was traded at $179.
On November 29, 2017, Ethereum’s worth rose to $480, showing the ever-growing public interest in cryptocurrencies. Only a month later, Ethereum’s value doubled to $812. This almost continual growth in value eventually led to Ethereum’s peak in the first month of 2018.
How Much was Ethereum Worth at its Peak
Two weeks into 2018, Ethereum peaked at $1377 on January 14. This would remain to be the highest recorded value of Ethereum since its launch in 2015.
One month later, Ethereum lost almost 30% of its value, as it was traded at $802 on February 23. The cryptocurrency took an even deeper fall on April 7, 2018, when its value dropped to $379.
However, the cryptocurrency recovered from the drop, and its value again rose to $830 against the US dollar on May 6, only a month after the fall.
The recovery did not last as long as the value again significantly dropped in only three months. On August 16, 2018, Ethereum was traded at $284. This was the beginning of the subsequent fall of the cryptocurrency in the coming months. On December 2, 2018, Ethereum was traded at $117, and the value steadied within the range by the end of the year.
On January 3, 2019, Ethereum’s worth rose a little over $154, and in April of the same year, the value was similar to the beginning of the year, which was also at $154.
On September 19 of the same year, it was $171. As of November 2019, Ethereum’s value steadied at $154.
What Determines Ethereum Price
The value of Ethereum’s native currency, Ether, depends on many different factors, such as the cryptocurrency market, supply and demand, and competing cryptocurrencies (such as Bitcoin, which remains the highest valued cryptocurrency).
Since cryptocurrencies are decentralized, meaning there are no governing bodies that control the price or production, its value only relies on the force of supply and demand. It’s a simple logic that needs to be applied in determining the value of a cryptocurrency, such as Ethereum’s Ether.
The more traders are willing to trade or to buy Ether, which also means there’s higher demand than supply, its price rises. The fewer traders are eager to purchase it, which also means there’s higher supply than demand, its price falls.
How does Ethereum Price Change?
There are many predictions into Ethereum’s future prices, especially that the cryptocurrency industry keeps growing. Since Ethereum is deemed as one of the major cryptocurrencies in the market at the moment, many analysts anticipate that the cryptocurrency is going to grow largely in the coming years.
Despite the constant fluctuation in the market (price rises and falls), cryptocurrencies are growing even wider since its launch. These digital currencies also have many uses in comparison to a physical currency that is controlled by different countries. Cryptocurrencies are traded worldwide and can be used not only as a medium of exchange but also in various transactions. This only opens to the possibilities of cryptocurrencies in the future and the reason why more people are willing to trade it.
