If you’ve been keeping an eye on the Ethereum price in Euro you will have noticed an impressive increase in price over the past several months. While Bitcoin has been celebrated for incurring incredible gains this year, the second-largest cryptocurrency was hot on its heels. In this piece, we’re exploring the fluctuating market patterns of Ethereum with a specific focus on the European market.
Ethereum’s Move Forward
Before we dive right in, let’s first explore the movement of the Ethereum network from its current proof of work consensus to its proof of stake consensus, more commonly referred to as ETH 2.0. The newer version is due to be "more scalable, more secure, and more sustainable" according to the network.
This new and improved platform will change the mining algorithm, so instead of miners being rewarded for being the first to solve the complex cryptographic puzzle (as is the current case, the same as Bitcoin), users will be able to validate transactions based on their ETH stake in the network.
The timeline will be launched in three phases, the first of which was released in December 2020, the next taking place in August 2021, and the final stage expected to launch in 2022, with various updates in between. The three phases are the Beacon Change, the merge, and shard chains. Due to take place in the coming month, the merge, or London hard fork as it is also known, will merge the Beacon Chain to the mainnet.
These exciting developments have had a significant impact on the Ethereum price in Euro in the last few months, with upgrade announcements often spurring a rise in ETH price.
Ethereum Price In Euro in 2021
Following an impressive increase in price in the last quarter of 2020 (with an upgrade implemented at the same time), the Ethereum price in Euro opened the year trading at a strong €597.90. Just five months later this price increased sixfold, but we’ll get to that in a second.
While Bitcoin’s run was due to external factors like institutional investment and the announcements from a certain electric vehicle company, Ethereum grew for greatly different reasons. As we mentioned above, the upgrade announcements certainly attributed to a few of them. Other factors include the sudden boom in NFTs as well as the European Investment Bank looking to the Ethereum blockchain as their network of choice.
Just six weeks after the new year began, Ethereum had already tripled in value, trading at an impressive €1,597.26. The second-largest cryptocurrency then corrected, trading around the €1,100 mark come the end of the month. This slight decline didn’t last long, with the next uptrend kicking off in March as a result of the NFT craze.
People from around the world were introduced to the Ethereum network overnight following an NFT selling at an enormous price in an art auction. Mainstream media couldn’t get enough of the story, as a digital art piece was sold at Christie’s for 38,000 ETH (roughly €58,195,860 at the time). The piece was titled Everydays - The First 5000 Days and catapulted the artist, going by the name of Beeple, into having the third-most expensive artwork by a living artist today (the other two are Jeff Koons and David Hockney).
As the mainstream media shone a light on the Ethereum network, the market witnessed a gradual increase in retail investment over the months to follow. By May, the ETH price crossed the €2,000 threshold for the first time in history. On its way up, the uptrend was further fueled by the announcement of the Berlin upgrade on the network, a substantial move that would reduce transaction fees.
The next big announcement came from the European Investment Bank, indicating that it was looking at incorporating the Ethereum blockchain into its first-ever digital bond sale. In conjunction with Goldman Sachs, Banco Santander, and Societe Generale, the announcement firmly established Ethereum in the traditional financial markets and, once again, the mainstream media spotlight.
As the ETH price continued to gain momentum, it was further fueled by the launch of DeFi’s biggest trading platform, Uniswap’s V3. Uniswap is a smart contract protocol built on the Ethereum network designed to optimize ETH trading. Paired with the activities mentioned above, the ETH price peaked on 12 May when it hit its all-time high of €3,693.43.
The market then experienced a mass sell-off, a common practice following large gains in the crypto markets, and the network dipped to €1,732, closing the month trading at around trade around €2,000.
Since the May peak, the network’s trading patterns indicate several months of sidewards trading with several minor ups and downs along the way. At the time of writing at the end of July, the ETH price was sitting just shy of €2,000 following a Bitcoin bull run which influenced the market.
Tap Into Ethereum Price With Euros
Whether you’re a seasoned trader or new to the market, the Tap.Global app was designed to facilitate smooth trading with several integrated perks. The app, compliant with iPhones and Android devices, allows users to tap into their crypto portfolios from the convenience of their pocket.
The app currently supports crypto trading in Bitcoin, Ethereum and Litecoin, and also allows users to load fiat wallets supporting Euros, US dollar and British Pounds. Through the intuitive app and smart trade technology, users can execute trades with the best prices on the market in real time, and even pay their bills or send money to friends and family. Learn more about Tap.Global here.