Ethereum price predictions for January 2023?
The current price of Ethereum on 16th January, 2022 (06:30 AM IST) is INR 1,27,100, with a change of +2.61% in the last 24 hours. Ethereum price forecast for 17th January 2023 will be between INR 95019.96 and INR 139256.40 According to crypto analysts at CryptoPotato, the coin peaked its highest against BTC since December 2021 and it remains to be seen if it can sustain the momentum.
ETH has been on a tailspin ever since the crypto market has plunged in the last quarter. It remains to be seen if ETH holds resistance at its current benchmark. Despite swinging negative, some analysts are hopeful ETH will bounce again to its former glory. Meanwhile hoping this month sees an end to the rather prolonged bear market.
Cryptos are taxable in India effective April 01 2022. Click here to know more about the crypto taxations.
Disclaimer: This forecast is based on several independent sources on the internet and is not intended to be used as financial, legal or tax advice.
What is an Ethereum?
The second most popular crypto in the world, Ethereum first went live for mining in July 2015. However in 2014 the native coin Ether was pre-launched via Initial Coin Offering (ICO). During the ICO about 50 million ETHs were sold at a price of $0.31 per coin. Until 2017, ETH’s price swinged between $0.70 to $21.
Ethereum’s decentralised framework can run multiple applications including DeFi apps and services through the use of ‘smart contracts’.
Ethereum has enabled the creation and exchange of NFTs too. Many new tokens and cryptocurrencies are built on an Ethereum framework.
The Ethereum cryptocurrency is denoted by a Ξ and abbreviated as ETH. Smallest unit of an Ether is Wei named after Wei Dei, a crypto pioneer. One of the most noteworthy contributions of Wei Dei was his paper on b-money in 1998, that laid the foundation for cryptocurrencies as we see now.
Ethereum is derived from the word Ether which essentially was used to describe exotic invisible elements that were believed to have filled the void in space.
Like all cryptocurrencies Ethereum is still very much in a developmental phase. Ethereum 2.0 dubbed Serenity is all set to launch this year. We’ll keep ya’ll posted on each update.
Who created Ethereum?
In 2013, Vitalik Buterin, a 19 year old programmer first proposed Ethereum blockchain in his whitepaper. Later in 2014 along with a long list of co-founders Vitalik set crowdfund for the development of Ethereum protocol. On july 30, 2015 the Ethererum network was open for mining.
Born in Kolomna, Russia, Vitalik emigrated with parents to Canada at the age of six. At the age of 17, he learned about Bitcoin from his father, a computer scientist. Vitalik had always been a bright student. He won a bronze in the International Olympiad in Informatics in 2012. A year before Ethereum went live, in 2014, Vitalik dropped out of university when he was granted Thiel fellowship $1 million.
Vitalik has been featured in Times 100 in 2021. He is involved in lots of philanthropy work. In 2017 donated $763,970 worth of Ether to the Machine Intelligence Research Institute. He contributed substantially towards the India Covid relief fund too in 2021. He has also donated millions worth of Ether to SENS Research Foundation and Methuselah Foundation, both working towards rejuvenation biotechnologies and expanding human lifespan.
How Ethereum works?
Fundamentally Ethereum works like Bitcoin with its own Blockchain with ‘nodes’ interconnected globally maintaining records of transactions. Since it’s accessible to all, anyone can run an Ethereum node. Three types of nodes operate in an Ethereum blockchain.
- Full node – Full nodes copy and verify all transactions and execute smart contracts called ‘opcodes’.
- Light node – Light nodes do the function of full nodes partially on lighter devices like mobile phones.
- Full archive node – These nodes archive each state of the Ethereum.
Each node stores the following data – Accounts, Smart Contract Code and Smart Contract State.
You will need a significant amount of storage to run a Full node in Ethereum.