We’ve seen remarkable growth in the ETH market for the past two years. It showed a sharper trend, setting a nice all-time high last 2021. Although it is not that popular, it still has great growth potential.
Ethereum is the second-largest cryptocurrency globally, and it’s predicted to soon overtake Bitcoin. It is number two due to its large volume of trading transactions, surpassing both Bitcoin and every other altcoin combined.
ETH Growth
As we can see that the demand for Ether will keep growing, in some people’s opinion, it has the potential to surpass Bitcoin. However, the recent price crash caused by the market sell-off lost more than 50% of its market value.
If we recall, ETH had remarkable growth in the midst of the COVID-19 global pandemic. The said event paved the way to new avenues, sustaining its spike. With a two percent daily increase, ETH suddenly grew to more than what’s expected in just a year, ending 2020 at $737.
This continued with around 750% return. The market value and price broke $100 billion and $4,000, respectively. However, ETH is not that popular compared to Ripple (XRP), Bitcoin (BTC), and Litecoin (LTC). Fortunately, it became the crowd’s favorite during a market correction.
ETH Downfall
Last November 2021, ETH set its ATH at $4,812. After that, it already started to crash down, persisting for eight consecutive weeks. The downtrend continued, not even meeting the prediction of Economy Watch.
What does this imply? It means the demand for ETH is still at a high, considering it has already crossed the resistance level. The problem is the price crash and volatility of the market.
A greater concern is how far it can go down? Some traders believe that a crash might happen in the $3,000 range. This will affect more than just a few altcoins.
What can we expect with ETH at the end of 2022?
As of now, the cryptocurrency market is already in a bearish trend. According to reports, Bitcoin is down by almost 40 percent. Most altcoins have lost their value as well. Fortunately, ETH is still holding strong and might be able to sustain its stability.
We are noticing a slow recovery which could give way to a speedy surge once again in the market price for ETH recently. Would ETH be able to regain the top position? It might be the newfound Bitcoin, after all.
Conclusion
However, the forecast is still uncertain until time tells. We have no idea what the future holds for ETH. But, since it was able to maintain its position while other cryptocurrencies are in a slump, ETH might be the one that’s worth the price.
