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Even though Ethereum (ETH) is the second-largest cryptocurrency by market cap, it has suffered far larger damage than any of the other top-10 coins. In the previous 30 days, it has fallen by 71 percent YTD and by 26 percent in the last month. Although Coinpaprika.com claims that in the past year, it has fallen by more than 46 percent.
Digital currencies and smart contracts have been established on Ethereum because of their status as the leading blockchain platform. Some drawbacks include the high transaction fees and slow transaction speeds that have plagued the cryptocurrency industry as well as the proliferation of competing for digital currencies.
A proof-of-stake (PoS) mechanism has yet to be implemented in Ethereum, which currently validates transactions on the blockchain using a method known as “proof of work.” That was intended to happen in July, but now it’s looking more like September… or later. Staking deposits on Ethereum 2.0 (PoS) have never been more uninteresting, as a consequence.
The moment is right to start building up your Ethereum holdings, as any contrarian investor is well aware. Uncertainty may be used to an investor’s benefit if they wish to dollar-cost-average into the cryptocurrency.
According to Coinmarketcap, Bitcoin (BTC-USD) is down over 58% YTD and 26% in the previous 30 days. I can’t seem to get the discomfort to go away. There’s no need to be alarmed, though; Bitcoin has gone through this before. Exactly one year and a half ago, it was at a comparable price at the end of 2020. After then, it went up by a whopping 200%.
Since then, Bitcoin’s value has doubled twice and risen by more than 30%. There is a 110% increase in all three tranches. The graph on the right illustrates this.
As I said lately, the chance of it doubling from here is quite strong. I believe there is at least an 80% possibility of a gain of at least 110% and a 20% chance of a gain of at least 50%.
There is a 100% probability of getting a 98% projected return, which is effectively a double. And it’s quite unlikely that it will take more than a year.
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