Ethereum is the most well-known altcoin, and for many investors and fans, it is much more than just another cryptocurrency. Though it had a terrible first half of the year, investors expect Ethereum price to rise above $4,000 in 2022. Ether (ETH), Ethereum’s native asset, has seen phenomenal growth in value since its inception in 2015.
Ether, the cryptocurrency created by programmer Vitalik Buterin, has seen its value rise from $0.311 in 2015 to approximately $4,800 at its peak late last year, albeit with significant price swings. This came after Joshua Lim, a former trade executive at Genesis and Galaxy Digital, stated that he hopes Ethereum will serve as “a major entry point for cryptocurrencies.”
It is worth noting that Ether (ETH), Ethereum’s native coin, has seen tremendous value growth since its launch in 2015.
Ethereum Price Chart – Source: Tradingview
The price of Ether, a cryptocurrency created by computer engineer Vitalik Buterin, has risen from $0.311 in 2015 to around $4,800 late last year, with significant price fluctuations along the way.
Merge to Boost Ethereum Price in the Long Run
Despite a month-long slowdown in cryptocurrency markets, the Ethereum network has had a historic year. Finally, the Ethereum Merge occurred, converting Ethereum from a high-energy Proof of Work (PoW) consensus mechanism to a Proof of Stake (PoS) consensus mechanism.
According to Ben Edgington of ConsenSys, it was the “most ambitious thing” the industry had ever seen and the single most significant development in cryptocurrency history since the creation of Bitcoin and Ethereum.
FEATURE: Ben Edgington: The Merge gets rid of ‘proof of waste’https://t.co/RmXVF0qESF
— The Block (@TheBlock__) September 12, 2022
According to Edgington, who has been working on the improvement for four years, the merge was similar to “an in-flight engine swap” and “improved a chain worth hundreds of billions of dollars.” Despite the success of the Ethereum upgrade, markets are still unable to overcome the challenging macroeconomic environment, and prices are falling.
According to Messari, Bitcoin and Ethereum prices have fallen by more than 70% from their all-time highs. However, Ethereum will eventually serve as the “main ramp for crypto,” according to Joshua Lim, a former head of trading at Genesis and Galaxy Digital.
Ethereum May Outperform Bitcoin, Joshua Lim Says
According to Joshua Lim, a former trading executive at Genesis and Galaxy Digital, Ethereum may eventually replace Bitcoin as the cryptocurrency market’s primary reserve and funding asset. Everyone knows that Bitcoin is the oldest cryptocurrency and the market leader in the trillion-dollar market.
3/ the “flippening” when ETH mkt cap = BTC mkt cap occurs at ETH/BTC ratio of 0.0159. sizable positioning in ETH calls reflects mkt consensus of continued ETH outperformance
charts below show ETH put/call ratio is only 0.24, substantially lower than BTC’s at 0.53 pic.twitter.com/Cttbg601bd
— Joshua Lim (@joshua_j_lim) August 29, 2022
Bitcoin’s fundamental unit of value is straightforward: it is a store of value with a limited supply of 21 million units, which supporters claim acts as an inflation hedge. Despite nearly 40 years of high inflation and an impending recession, the price of Bitcoin has fallen.
According to Lim, the first wave of institutional and general public interest in cryptocurrencies was generated by Bitcoin, but Ethereum will create the second.
ETH Inflow to Exchange
Even though Ethereum (ETH) has underperformed this year, the second-largest cryptocurrency remains high. On September 15, the network finally activated the Ethereum Merge update. Buterin went on to say that this is a watershed moment for the Ethereum ecosystem.
According to the most current estimate, in the days preceding the Merge, Ethereum saw enormous inflows into cryptocurrency exchanges, ranging from around 700,000 ETH on September 12 to nearly 1.7 million ETH two days later. On October 8, however, it returned to 552,000 ETH.
ETH Inflow to Exchange – Source: markets.chainalysis.com
Several major motivations could contribute to such a surge in Ethereum.
- Upgrades to the Ethereum network, particularly the transition to Ethereum 2.0.
- The transition to Ethereum 2.0 will deflate ether tokenomics even further, with fewer tokens available to meet escalating demand.
- As a result, Ethereum’s growing momentum may be bolstered in the future.
Ethereum Price Predictions
According to a recent Bloomberg Intelligence forecast, Ethereum’s price will end the year between $4,500 and $4,600. According to Coinpedia, if the bullish surge that began in mid-2021 continues, ETH could end 2022 between $6,500 and $7,500.
In contrast, the bearish fall in the cryptocurrency market that began in 2022 demonstrated that Ethereum’s price is unlikely to rise solely on sentiment.
- Ethereum Crypto Price Prediction – Accumulate Below at $1,300 Could Be Winning Strategy
- This is why Ethereum Price Consolidation Makes it a Buy Under $1,300
- Best Ethereum Mining Platforms – How to Mine Ethereum
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on Bybit, OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption