A Serious BNB, Solana, Cardano, Avalanche, And Polkadot Warning Comes With A Huge 2022 Ethereum Price Prediction
Ethereum, the second-largest cryptocurrency behind bitcoin, has seen its price fluctuate dramatically in the previous year, hurt most recently by a scathing attack from Twitter cofounder Jack Dorsey.
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Since late last year, when the ethereum price peaked at about $5,000 per ether, the price has dropped around 43%. Smart contract rivals BNB BNB -5.8%, solana, cardano, avalanche, and polkadot, meanwhile, have suffered comparable volatility.
A panel of 36 industry experts has predicted that ethereum would be worth over $5,800 by the end of 2022, more than doubling its current price of $2,800.
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Due to rising competition from competing blockchains like as BNB, solana, cardano, avalanche, and polkadot, the panel, made up of 36 professionals from the crypto field and put together by financial comparison website Finder, has revised down the year-end price projection by slightly over 10%.
"Ethereum is at a really uncertain point in its journey right now," Finder's cryptocurrency editor Keegan Francis said in a statement. "Ethereum is currently losing DeFi market share to its competitors, despite the fact that it still has a big lead... Ethereum will not be the second cryptocurrency indefinitely, in my opinion."
The price of ethereumhas risen dramatically in the last two years, owing to rising interest in so-called decentralized finance (DeFi), which uses crypto technology to recreate traditional financial services without the need for a bank, and the ongoing non-fungible token (NFT) craze, which has been adopted by the worlds of music, sport, and gaming and is largely built on the ethereum blockchain.
However, a long-awaited ethereum update, which was supposed to help the network expand, lower its exorbitant fees, and minimize its carbon footprint, has been put out again, this time to late 2022.
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"People have been waiting for [ethereum's merge update] for years," said Joseph Raczynski, a member of the panel and a Thomson Reuters TRI -3 percent technologist. "It should be much safer, 99 percent."deflationary and more energy-efficient As a leading blockchain, if it isn't the trifecta of promise, I don't know what is."
Looking farther ahead, the panel predicted that ethereum would be worth about $12,000 by 2025, nearly four times its current value.
"I do not have long-term confidence in the network until ethereum changes its systems and delivers its promises to grow," Francis said, but added, "I still think people will buy the token out of hype, promise, and potential."