The world has witnessed the emergence of various digital currencies since the launch of bitcoin in 2009. Cryptocurrency investment is now parallel to all other traditional asset classes. Even though the term currency is used unlike other currencies in the real world, cryptocurrencies cannot be exchanged for anything else other than cryptocurrencies. Cryptocurrencies are a kind of asset that operates in the digital world which has value and can be sold for dollars, pounds, and euros.
Ethereum is an unregulated open-source blockchain platform and was proposed in the year 2013 by programmer Vitalik Buterin. Ethereum received crowdfunding in the year 2014 and the network became operational with an initial outlay of 72 million coins on 30 July 2015. Ether (ETH) is the cryptocurrency used in the platform. Unlike Bitcoin, the Ethereum platform has smart contract functionality, which allows individuals or institutions to develop and execute their apps.
Ethereum currently has a market valuation of around $313.9 billion and there is a 1187.3 percent increase for the currency compared to the previous year. In India, cryptocurrency is famous as our country is one of the largest IT hubs in the world. Also, our country has a lot of developers working on Ethereum which increases its popularity in the country.
Recently a survey has conducted by cryptocurrency exchange BuyUcoin among its 114,000 users in India which resulted in the following findings. Tamil Nadu is on the top for Ethereum investment with a share of 20.16%, followed by Maharashtra (15.83%), Karnataka (9.27%), Delhi, and Uttar Pradesh. Delhi and Uttar Pradesh constitute around 16% of Ethereum traders. Female traders who show 780% growth per year are above 14% and male traders who show 3482.32% Growth per Year are more than 85%. Most of the Ethereum investors belong to the age group 25-34 that is around 36.04%, followed by 29.36% in the age group 18-24, 17.36% in the age group 35-44, 8.89% in the age group 45-54, 4.86% in the age group 55-64 and 2.95% investor are more than 65 years old. The recent bullish trend attracted a lot of new users to invest in Ethereum. Ethereum attracts users due to its smart contract, decentralized finance (DeFi), and non-fungible tokens (NFTs) which enable the wide use of blockchain platforms without any intermediaries or government regulations.