Ethereum ETH/USD, the second-largest cryptocurrency by market capitalization, has seen a whirlwind of changes since its inception. From its role in the decentralized finance (DeFi) boom to its significance in the NFT space, Ethereum has firmly established itself as a cornerstone of the crypto world.

The Context: The world of NFTs, or non-fungible tokens, took a significant leap when New York artist Kevin McCoy minted the first-ever NFT, “Quantum,” in May 2014. However, the journey was not without its challenges. McCoy faced legal disputes over ownership, primarily because he initially minted “Quantum” on NameCoin, a blockchain software derived from Bitcoin’s code. Due to a lapse in renewing the NameCoin registration in 2015, complications arose.

Later, in October 2015, McCoy, in collaboration with Anil Dash, created ‘Terra Nullius’ on the Ethereum blockchain, marking a significant milestone in the NFT space.

The Investment: On October 30, 2015, Ethereum was priced at $1.39, translating to approximately ₹90.88. Fast forward to today, August 23, 2023, and Ethereum stands at a staggering $1,647.90 or roughly ₹1.36 lakh.

If you had invested ₹1,000 in Ethereum on October 30, 2015, you would have received approximately 11 ETH.

Fast forward to today, your initial investment would now be worth approximately $18,229.20 or ₹15.04 lakh. This represents an increase of 13500% on your initial investment.

Background: Ethereum has been in the news recently for various reasons. A recent report highlighted that former U.S. President Donald Trump is an Ethereum whale, holding up to $5 million worth of ETH. This revelation came as a surprise to many, given Trump’s past scepticism towards cryptocurrencies. Furthermore, Ethereum’s price dynamics have been influenced by various factors, including job data from the U.S. Labor Department and the broader stock market movements.

Price Action: Lately Ethereum has showcased a near-flat trading pattern, echoing the movements of Bitcoin and Dogecoin. The crypto market, in general, has been consolidating, with potential significant moves on the horizon based on market triggers. Ethereum, like its counterparts, has been exhibiting a shallow downtrend, but any substantial bearish volume could see it testing support levels in the near future.

In conclusion, the journey from a mere ₹1,000 investment in Ethereum back in 2015 to its value today is a testament to the unpredictable yet rewarding nature of the crypto market. However, potential investors should always tread with caution and conduct thorough research.

Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.

Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story. Investing in cryptocurrencies like Ethereum involves significant risk due to their volatile nature. Investors should carefully consider their risk tolerance and investment goals before investing in the crypto market.

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