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Highlights
- An expert crypto analyst has made the startling claim that second largest cryptocurrency, Ethereum, might lose 80 per cent of its value in the near future.
- Like the larger crypto market, Ethereum has experienced a difficult time since November with the token plummeting in value due to rising inflation, rising interest rates and ongoing conflict between Russia and Ukraine
An expert crypto analyst has made the startling claim that second largest cryptocurrency, Ethereum, might lose a further 80 percent of its value in the near future.
Ethereum has had a tough go at it in the last several months, losing 60 percent of its value since reaching an all time high in November.
Ethereum is now valued at US$ 2,080 but John Roque, from 22V Research, told Bloomberg this week that he expected the token to sink to as low as US$420, if it continues on its downward trajectory.
Like the larger crypto market, Ethereum has experienced a difficult time since November with the token plummeting in value due to rising inflation, rising interest rates and ongoing conflict between Russia and Ukraine.
Also Read: Why is IDEX (IDEX) crypto up over 122%?
Compounding these problems for Ethereum has been the delay in rolling out the long-awaited upgrade. Ethereum 2.0 was slated for completion in 2021, however several delays have postponed the release and the upgrade is now due for completion later this year.
The upgrade will aim to improve scalability on the platform, fixing issues surrounding the speed and cost of transactions.
Meanwhile, Bitcoin grew around one per cent from yesterday and is currently valued at US$30,373.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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