We are in Alt season and lots of Altcoins are doing pretty well, Ethereum which happens to be the second cryptocurrency by market cap also touched it's All-Time High(ATH), hitting $1439 before experiencing some corrections but despite the correct, there are still lots of reasons to be bullish about the token and as predicted, it may surpass $2k anytime soon.
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The Ethereum blockchain seems to be the most congested recently and this is not farfetched from the fact that it supported lots of DeFi projects, this alone has been a driving force to the pumped in the price of the asset. Although, there were no basic structure to what can take the asset beyond $2k but there are various events that has been scheduled to take place this year that can push the price to another ATH.
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The 24 hours chart of ETH/USDT shows that the coin is experiencing a gradual uptrend from $1197 to $1332. Fast forward to some of the reasons the coin may set another ATH record.
CME Future Trading
According to the report dropped by Chicago Mercantile Exchange(CME), the world leading derivatives platform will launch Ethereum future trading by February 8, once the United States Commodity Futures Trading Commission gave them the go ahead and this alone will make the coin an attractive and lucrative asset to investors.
Ether Burning
Burning in cryptocurrency has to do with removing a certain amount of token from circulation and the implication of this is to bring more scarcity to the token. The founder of Ethereum Vitalik Buterin alongside Eric Corner, Ian Norden, Mathew Slipper, and Rick Dudley has already put forward a project called EIP 1559 to improve the Ethereum blockchain. One of the functions of EIP 1559 is to burn out most of the Ether used during transactions rather than giving it out to network validators.
Ethereum 2.0 phase
With Ethereum trying to move from proof of work to proof of stake, the migration is divided into phases( 0, 1, 1.5, 2) with the first phase already in place last December, the phase 1 will be coming up hopefully this year. Although there is no confirmed date for it yet, it may happen this year to help speed up transactions on the blockchain.
Cryptocurrency advice is not financial advice, it is always good to Do Your Own Research (DYOR).