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Ethereum has finally taken the biggest blow it could have taken in a year
Ethereum’s price plummeted once again this week as Bitcoin fell to record lows, currently hovering around US$21,000. Ethereum significantly drops along with BTC as the two cryptocurrencies have the habit of moving in the market together. It is quite a known fact that the price of Bitcoin and Ethereum have been extremely volatile over the past several months. According to reports, Bitcoin has decreased immensely over the past couple of weeks and has lost more than 50% of its original value since its ATH in November 2021. Experts believe the crypto market has fallen quite sharply after the stock market started declining due to fears over inflation. The S&P 500 tumbled down into one of its recent bearish market trends right after the Covid breakout, spilling panic and anxiety all over the global economic and financial landscape. Even after the existence of these tumultuous times, investors are quite optimistic about Ethereum since the ETH 2.0 upgrade is still due for its launch. But even after several speculations about the possibility of ETH to Bitcoin, the crypto was unable to instigate any hopes of recovery in the ETH investor community.
Delay in the Merge upgrade is affecting Ethereum’s market value
The Ethereum price has shown immense resilience since the beginning of its inception. Crypto has grown leaps and bounds and has stood the worst of storms that emerged in the crypto market. But the fall of Bitcoin and Terra’s implode has shaken the very grounds of trust that the crypto market is built upon, which has further gravely affected Ethereum’s price and its market dominance. The Ethereum Merge had previously given some ray of hope to the investors, who were eagerly looking forward to the upgrade to be implemented on the ETH testnet, making it one step closer to its launch. But there emerged certain complexities around its ‘difficulty bomb’ that forced ETH developers to possibly push the launch backward.
Ethereum has been planning to move forward with the ‘Merge’ upgrade for quite a long time now and with its continuous delay, investors are becoming more anxious about their investments and the crypto’s scope in the future.
Experts claim that the market is experiencing more volatility since the Russia-Ukraine war was initiated, the upsurging inflation, and shifting US monetary policies are some of the many reasons why the crypto market has taken such a deep blow. They have also pointed out that facts like increased crypto regulations and possibilities around emerging central-issued digital currencies are also making investors choose different options for investment, instead, of major cryptocurrencies like Bitcoin and Ethereum.
Is it time to say goodbye to Ethereum?
Ether’s prices have crashed more than 65% over the past several weeks and have hit a low, hovering around US$1,000. Initially, Ethereum became popular due to its smart contract functionality underpinning the ecosystem. ETH became the primary lifeline for the Ethereum ecosystem, while its projects and applications are running on the blockchain and aim to derive value and profits out of it. Even though the crypto has been facing immense volatility in its prices for the past several weeks, bidding the crypto ‘goodbye’ might be an exaggeration. Anti-crypto supporters have been on the grind proving the fact that investing in cryptocurrencies might prove harmful for the finances of the investors, and the current conditions of the market are definitely proving them right. Pro-ETH investors are eagerly waiting for the market’s reaction to the ETH upgrade, but don’t wait for the good news yet, there is still a long way to go for ETH to regain its lost market value.