All of these pressing concerns about investing in Ethereum have been answered by this work. For Ethereum, 2022 has not been a good year. After setting a new low in May at $880, the price has held above $1200 in December. Ethereum’s performance has been below expectations despite the high level of interest from investors following the switch to the proof-of-stake mechanism in September 2022. Therefore, many people believe that 2023 will be the year that Ethereum finally comes into its own.
After losing more than 75% of its value in 2018, will Ethereum recover in 2023? What do you think the value of this cryptocurrency will be in the year 2023? Invest in Ethereum now, or wait until 2023?
Ethereum’s value, after Bitcoin’s, is the second highest among cryptocurrencies as of right now. After a major attack on its blockchain, in which more than $3.5 million in Ethereum was stolen, the price took a significant hit. With 97% backing, the affected parties came to an agreement to undo the theft, which resulted in the creation of a new Ethereum alongside the continuation of the old one as Ethereum Classic (ETC).
Ethereum, in contrast to Bitcoin, currently has no maximum supply, meaning it may be subject to future inflation via the minting of new coins.
By 2023, Ethereum is expected to have reached its full potential. Many industry experts predict that 2019 will be Ethereum’s year to finally break through to new market highs. The most widely held expectation for Ethereum in 2023 is that its price will rise to $3000 by the year’s end.
Some remain optimistic that Ethereum’s price will soar well beyond this point, setting a new record high of $5000. Is it possible for Ethereum to reach these goals? Is 2023 going to be a year of continued bearishness for Ethereum, or will bulls finally take control?
Although a lot of guesswork could be done about Ethereum’s price in 2023, it’s important to keep in mind that Ethereum will always be subject to Bitcoin’s market dominance.
So, if the Fed stops its aggressive interest rate hikes in 2023, the market will recover on its own and Ethereum’s performance will improve.
Ethereum, along with other promising cryptocurrencies, has the potential to one day be even more valuable than Bitcoin. The coin’s future potential and wide range of useful applications have attracted a sizable investment community.
Since Ethereum will switch to a proof-of-stake mechanism in 2022, many observers believe that the cryptocurrency’s potential for growth has been unlocked.
Despite this, investors should proceed with caution when purchasing this coin today because it has no fixed supply and has been the target of a blockchain attack in the past.
Today, Ethereum can be purchased most simply through one of many cryptocurrency exchanges. To acquire Ethereum from these marketplaces, a buyer must first open an account, deposit funds into the account, and then visit the exchange’s spot trading positions to make the purchase.