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Ethereum Sees Big Losses: The End of ETH or the Right Time to Buy?
SOURCE: FOOL.COM
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The Ascent's best crypto apps for 2022 (Bonuses, $0 commissions, and more)
Ethereum, one of the biggest tokens in cryptocurrency, has seen another significant drop in value today, as the crypto market experiences a widespread reduction of share prices. The cryptocurrency market has always been volatile; shifting constantly from moment-to-moment. Could the market’s biggest players shift around as well? As the value of ETH continues to fall, does it mean the end for the coin, or a great opportunity to jump in before an inevitable resurgence?
A good thing to keep in mind for anyone committed to investing in cryptocurrency is that the crypto market is highly volatile, with prices rising and falling quickly. With the recent restrictions China placed on cryptocurrency transactions, the market is experiencing a crash in value. With more restrictions and regulations comes less demand for crypto, and consequently, a reduction in value for all types of cryptocurrencies. With a full market drop like we are seeing now, the value of nearly all coins plummets, not just a select few.
With this in mind, the only way ETH could be dethroned as the second-highest valued crypto would be for another currency to resist this market-wide effect. ETH is currently more valuable than its third-place competitor, Tether, by over $200 billion. It would take a significant jump for any other currency, as well as a significant drop for ETH, to dethrone ETH as a staple of the market.
There is a good reason why ETH is the second-highest valued cryptocurrency by a wide margin. Ethereum’s transactions are considerably more expedited than that of Bitcoin’s blockchain. Ethereum also offers more utility than Bitcoin, which is generally only used as a medium of value exchange, while the Ethereum blockchain is a platform with many purposes. Because of the variety of uses for ETH on the blockchain, this coin is likely not going anywhere unless an unforeseen catastrophic event knocks the Ethereum blockchain out of play. With a significant fall in the value of this token, now might be the best time to invest in ETH.
The cryptocurrency market is experiencing a far-reaching loss of value, but its value could rise again, as the use of cryptocurrency becomes increasingly desirable. The volatile cryptocurrency market is no stranger when it comes to big price movements in the most popular cryptocurrencies. The utility that ETH offers ensures it will not be dethroned easily. This makes right now a potentially profitable time to jump in on ETH. As always, you should do your own homework and make sure you don’t invest money you can’t afford to lose.
If your looking for ways to take advantage of your crypto investments, check out our list of the best cryptocurrency exchanges and apps for ways to use your crypto like never before.
Our updated list of the best cryptocurrency apps for 2022 is packed with best-in-class picks. The cryptocurrency apps that landed on our shortlist include perks such as $0 commissions, and one pick that is offering a $100 bitcoin bonus. Check out the list here and get started on your crypto journey, today.
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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