Ethereum is an open-source, decentralized blockchain that enables digital payments in a cheap and fast manner. It also supports Turing-complete smart contracts and can run various decentralized applications (dApps).
The official website classifies Ethereum as a marketplace for financial services, games, and other applications, all designed on the blockchain to run in a decentralized manner and powered by smart contracts. Its native cryptocurrency is called Ether, represented by the symbol ETH.
Ethereum has the second-largest market cap among cryptocurrencies after Bitcoin. Many investors have also called ETH digital silver after addressing Bitcoin as digital gold, as the Ether price is lower than that of Bitcoin.
The Ethereum network is the largest ecosystem for decentralized apps and Web 3.0, especially in DeFi, NFTs, social media, and blockchain gaming. It is instrumental in driving most of the emerging trends in the crypto industry, all owing to its smart contract functionality, from decentralized finance and NFTs to Play-to-Earn and the metaverse.
The Ethereum price also experiences considerable volatility, just like Bitcoin. However, because of its numerous applications, the ETH price can rise based not only on the crypto market sentiment but also on Ethereum’s adoption among dApp developers and users.