Ethereum is one of the most technologically advanced and popular altcoins in the world of cryptocurrency. Over the past few years, Ethereum has become a hot topic of discussion amongst investors. Many experts believe that Ethereum has a bright future ahead; That the coin is poised to become even more valuable in 2023.
Ethereum in 2022
Ethereum has become a strong altcoin, showing high growth in recent years. Unlike Bitcoin, ETH didn’t hit new lows in 2022 when FTX crypto exchange collapsed. This is due to its transition from energy-intensive PoW to eco-friendly PoS algorithm in 2022. owever, Ethereum still relies on Bitcoin, which is the leader in market capitalization. The future of Ethereum will depend on Bitcoin’s performance. But, the Shanghai update in March 2023 could give Ethereum a boost. After the update, coins can be withdrawn from ETH staking, potentially releasing millions of ETH coins. The positive scenario is that investors will continue to keep their coins in staking as it remains a profitable and reliable way to earn passive income.
Where will Ethereum be in 2023?
One expert who is particularly bullish about Ethereum is Mark Yusko. He’s the Managing Director of Morgan Creek Capital Management. Yusko predicts that Ethereum price will rise in 2023 and that the market, will react to the halving in about 9 months advance. This means that the market should move towards growth in the first half of 2023, with Ethereum expected to follow suit. Yusko believes that this growth will not be hindered by challenges in the traditional economy or an energy crisis. He believes that cryptocurrencies grow independently of the stock market based on technology and their adoption by millennials. After the halving in March-April 2023, he expects to see another 2x growth in the value of Ethereum.
Will Ethereum go up in 2023 and what factors will affect the price of Ethereum?
The answer lies in the numerous applications of Ethereum in the blockchain industry. Ethereum is the backbone of decentralized finance (DeFi), the metaverse, NFTs, and many other niches within the blockchain world. The metaverse and NFTs are two of the main factors that will play an important role in determining the future value of Ethereum. As more and more companies, such as Facebook, Microsoft, and even major game development engines like Ubisoft and Sony, invest in the metaverse, Ethereum is likely to receive more attention and use, driving up its value. The more these new investors use the ETH network, the more gas they will burn, and the higher the price of Ethereum will go. As Ethereum moves closer to the beacon chain merger, it will evolve into a fully proof-of-stake network, further increasing its value.
It is worth noting, however, that the cryptocurrency market is inherently unpredictable, and there is always some level of risk involved in investing. Despite this, many experts and investors give an optimistic Ethereum price prediction, and believe that it will continue to grow and provide valuable returns for those who invest in it. Whether you are a seasoned investor or just getting started, Ethereum is a cryptocurrency worth keeping an eye on.