Cryptocurrency 2022 Predictions: Will Ethereum, Bitcoin Boom More in New Year?

Cryptocurrencies in 2021 made numerous major breakthroughs for the global cryptocurrency market.

However, with the continuous global pandemic, investors and traders are looking for safe investments in cryptocurrency 2022.

With market volatility, will Ethereum price and Bitcoin price be the same?

The popularity of non-fungible tokens, the creation of multiple crypto software, and the hype it has garnered in the mainstream media skyrocketed the crypto trend.

Cryptocurrency 2022

The general recognition gained by Bitcoin with the mass media and as well as with big companies, such as Expedia and Microsoft, adopted the cryptocurrency as a form of payment.

In addition to that, the European Investment Bank (EIB), the institutional governing body of the European Union's financing arm, has taken positions on cryptocurrency this previous year.

Furthermore, some countries are recognizing and adapting to Bitcoin in a wider scale.

An example of this is El Salvador. The country became the first nation in the world to recognize Bitcoin as legal cash in September.

As stated in Inverse, decentralized finance (DeFi) is commonly viewed as the next frontier in financial technology after cryptocurrencies.

DeFi allows for the creation of decentralized systems that use distributed ledger technology to permit peer-to-peer loans, new financial assets such as Bitcoin and Ethereum, and even new corporate governance models.

For Cryptocurrency 2022: Ethereum Prediction

Ethereum is a free, open-source public service that uses blockchain technology to enable smart contracts and cryptocurrency trading without the need for a third party.

According to Investopedia, it is externally owned accounts managed by private keys affected by human users and contract accounts are the two types of accounts available on Ethereum.

Ethereum enables developers to create a wide range of decentralized applications.

Despite the fact that Bitcoin remains the most popular cryptocurrency, many believe Ethereum's rapid growth will soon see it replace Bitcoin in terms of usage.

On the contrary, as reported by The Motley Fool, Ethereum, has been progressively gaining traction and catching up to its larger rival.

Ethereum is the second most popular cryptocurrency, with a market capitalization of just over $450 billion. Its price has increased by roughly 466% this year, while Bitcoin has increased by around 70%.

According to Coindesk, Ethereum price is at $3,958.04 with a market cap of $465.70B as of December 23.

Furthermore, the Ethereum currency is more energy-efficient, the transaction time is also extremely faster, and the growing DeFi and NFT progress are several reasons for the continuous rise of Ethereum 2022.

For Cryptocurrency 2022: Bitcoin Price Prediction

Bitcoin is decentralized digital money that was first introduced in January of 2009 by a man with the pseudonymous name of Satoshi Nakamoto.

Bitcoin is designed to promise reduced transaction fees than existing online payment methods, and it is run by a decentralized authority, unlike government-issued currencies.

The current state of the cryptocurrency market has made it more possible that Bitcoin would be integrated into the mainstream for the coming years ahead.

According to Coinbase, Bitcoin price as of December 23 is at $ 48,460.48 with a market cap of $915.6B.

Due to the power, popularity, and market value of Bitcoin, it has earned its gold standard in the entirety of blockchain technology.

There are even online groups in Twitter and Reddit, where even crypto newbies can share information with seasoned investors to get advice on price predictions and trading tactics for Bitcoin.

The involvement of governing agencies and the rise of NFT activities are stated to be signs of good health for Bitcoin.

As reported by Analytics Insight, Bitcoin is expected to surpass $100,000 by the end of 2023, according to market analysts, although numerous others believe it will happen in the first quarter of 2022.

However, others are hesitant to pick a precise date or year, predicting that Bitcoin 2022 will not surpass US$70,000.