- There are several catalysts that could push Ether price to $10,000 by 2022.
- There are a few obstacles that could come up, including the big update.
- I’m not sure Ethereum can hit $10,000 by 2020. But I also can’t say it’s impossible.
As the blockchain ecosystem continues to grow, Ethereum (CRYPTO: ETH) thrives. The price of ETH has soared more than 440% with a surge of late, and we’re hopeful that it could end the year with another huge boost.
Speaking of technology, let’s take a look at cryptocurrency. The use of cryptocurrencies for trading, finances, and exchanging goods is increasing internationally. It is likely that the value will not increase in the new year but what about Ethereum? Could it reach $10 000 in 2022?
What it will need
In order to reach $10,000 by the end of next year, Ethereum would need to more than double its current level. That would take its market cap past $720 billion. Bitcoin currently has a market cap of just over $900 billion.
So, what would it take for Ethereum to deliver that kind of gain? One obvious potential catalyst is the major Ethereum 2.0 update which is on the way. The main-net for Ethereum’s blockchain will be merged with the beacon chain in 2022. This will give Ethereum a full proof-of-stake system compared to the original proof-of-work model.
The uptake of the Ethereum blockchain has been picking up speed, which may lead to its price shooting towards $10,000 soon. ETH already ranks as the most widely used blockchain for smart contracts and it’s not hard to see why many people are considering utilizing their proposed upgrade.
The recent rumors of security breaches at Cardano or Solana don’t bode well for the future of these currencies. This just might be what Ethereum needs to continue receiving substantial developer interest.
There are a number of things that could stop Ethereum from reaching a price of $10,000 next year. For example, the general environment for cryptocurrencies must remain strong. A wider sell-off would almost certainly pull Ethereum down.
The shard-chain phase of Ethereum 2.0 will be delayed to late 2023, which could prevent Ethereum from making any major gains in the new year unless there are more updates.
Ether has been facing stiff competition from newer blockchains that support faster transactions and cheaper gas fees. If Ethereum’s developers don’t slow the upgrade process, the platform could become obsolete even if they don’t push back.
Plagued by security breaches, Ethereum’s software has had its fair share of problems. This is why it’s important to consider the possibility that major hiccups like these might happen to other platforms as well.
What are the chances of Ethereum hitting $10,000 in 2022? Currently, I doubt it will happen — though it’s not impossible.
ETH has managed to climb 160% since its launch in 2015, but it hasn’t always been roses and sunshine. You might think that the cryptocurrency’s targets are within reach, but there are a lot of factors to take into consideration before coming to any conclusions.
But we’re already seeing enough ingredients to fuel another amazing year for Ethereum. Billionaire Mark Cuban (yes, that Mark Cuban) predicts that the blockchain will thrive in 2022 as new apps are developed on it. He could be right – he might very well be right. That said, there are some smart conjectures that Ethereum could deliver long-term gains for investors even if Cuban is wrong about it.