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Published on: https://www.cryptowisser.com/
Just as Ethereum got us used to and abiding by the unwritten rule of price growth following the largest crypto’s rallies, the second-best cryptocurrency on the market is naturally following in Bitcoin’s steps, hunting new all-time highs this time. Bitcoin, the cryptocurrency that sets the tone in the ever-expanding underlying market and has recently contributed to the industry’s growth to over $2.6 trillion, is putting pressure on its immediate rival to rise in value.
The last bullish run-up didn’t catch Ethereum unprepared, though, as charts demonstrated a rise of over 65% in value starting with this year’s commencement on a backdrop of increased investor numbers looking to buy Ethereum p2p. It’s a little below its all-time high of $4,8K recorded in November 2021, which is typical for a cryptocurrency that’s still developing. A new ATH achieved by Bitcoin doesn’t have to translate to on-the-spot breached peaks for the rest of the market. For reasons that will be further unearthed, crypto experts, visionaries, investors, and the better part of the supporting community believe in a rally that could lead Ethereum to a new ATH of $10K by the end of the year. Other voices project Ethereum to $26, with the end of the decade as the deadline. Who could be right, if any?
Modular scaling solutions and the road ahead to fee slashes
The crypto ecosystem is buzzing over the proposed and emerging solutions and designs aimed at overcoming scalability challenges in L2. In a utopic universe, these fixes could ensure Universal Synchronous composability, thus removing any delays or lags in network transactions and exchanges. But in reality, such payments and settlements take longer than they would usually, should rollups be fine-tuned, for each one is archived and unknowledgeable of other rollups or the whole ledger.
At the latest event held in Mile High City and hosting crypto and blockchain experts, builders, leaders, and visionaries, the issue of the expanding state of fragmentation in the rollup landscape has been openly tackled. A deep evaluation of the long road traveled by Ethereum ever since the launch of its rollup-centric roadmap in 2020 and the rollup revolution tracked back to 2019 was conducted. The booming usage of the L2 ecosystem as a consequence of the tabled map and last year’s value rise of over 230% in locked wealth in the same layer were also topics of high importance.
All of the events as of late have led to the emergence of a new principle – the modular scaling design. The introduction of fresh rollups to Ethereum emphasizes the already existing problem and shapes up as the main focus of work inside the network’s community. Tackling such tech concerns, the current fragmentation problem underscored by many is to be solved eventually. The onus lays on the layer2 ecosystem and with preponderance on the congestion fees problems and hefty apps.
New ETPs in sight? Awaiting ETH’s ETFs next
After Bitcoin exchange-traded products, shortened ETPs, broke into the market earlier this year, similar products began being sold with Ethereum as bedrock. The same firms that tried their hands at Bitcoin and Ethereum exchange-traded funds, which are readily buyable and tradeable now, led the charge in developing ETPs. ETPs based on Ether, Ethereum blockchain’s native asset, came into existence on July 23. Now, markets such as the New York Stock Exchange and NASDAQ offer interested parties the means to explore them, all these users need being an e-wallet and account on the platforms.
As the calendar winds down and the elections’ effects on the market linger, many knowledgeable individuals predict the upward market trend to continue. Voices mutter that Ethereum could breach the $6K record by the end of the year, though nothing can guarantee such performances. To invest in Ethereum and ETH ETFs safely, one has to stay posted with anything impactful occurring within the system. If you want to profit from a potential, continuous growth in crypto prices, you must conduct your due diligence and determine if you’re going to buy high.
The halving to shake up Ethereum’s ground
As usual, the halving of the bitcoins received by miners after resolving mathematical equations and adding blocks is heap hailed—with most of the expectations being positive. History showed that Bitcoin rose in value months after the event’s completion, naturally drawing Ethereum up with it as it did with the rest of the crypto coins.
The SEC’s decision regarding the BTC ETF tremendously boosts the hype around the halving. Plus, the reward slashing arrives after a period marked by higher inflation worldwide, with emphasis on the eurozone and the U.S. regarding the dire impact on the global financial markets.
Bitcoin’s supply keeps rising, even if the speed rate is considerably lower compared to bygone days. On the other hand, Ethereum’s supply has turned downward, which, combined with an ongoing rising demand, cannot help but only result in boosted selling prices. This is a possible scenario acclaimed by many pundits, like the banking veteran and head of institutions at Safe, namely Julian Grigo. According to the fintech expert, the halving isn’t just a focal point owing to the earlier launch of ETFs. It’s also serving as groundwork for a spike in Ethereum’s value, as the asset’s supply sticks to a downward trend that improves its scarcity.
Ether’s lowering supply can portray the asset as an even better store of value compared to Bitcoin, bringing its abilities forward. Institutional interest could spike as a result, warming whales up to the acquisition of Ethereum.
The bottom line
Ethereum is about to enter a streak of exciting transformations and milestones that, so far, are seen as positive for its market. As it’s normal, nothing can predict the future of the market, especially if its high volatility is taken into account. But it will sure be a thrilling adventure to monitor its price movements and adoption rate fluctuations, so stay tuned!
