For those curious to know about cryptocurrency price predictions this 2022, crypto billionaire Sam Bankman-Fried named two Ethereum killers that people must try to invest in this year.
Cryptocurrency Price Boom 2022: Sam Bankman-Fried's Picks
With the rising popularity of cryptocurrencies, several people are monitoring the news to know more about the cryptocurrency price prediction for this year.
One of the popular cryptocurrencies in the market is Ethereum.
Ethereum is a blockchain-based platform best known for its native cryptocurrency, Ether, also known as ETH or just Ethereum, per Investopedia.
Investopedia also said that the Ethereum network is safe due to the distributed nature of blockchain technology, and this security is what allows ETH to gain value.
In addition to Ether, the Ethereum platform offers a network of decentralized programs or dApps. The Ethereum platform's smart contracts are a key part of how it works. Smart contracts and blockchain technology are used in a variety of decentralized finance (DeFi) and other applications.
Moreover, Ethereum's blockchain technology allows for the public creation and maintenance of secure digital ledgers
As of January 2022, Ethereum is second to Bitcoin in terms of market capitalization, per Investopedia. Bitcoin and Ethereum are comparable in many ways, yet they have different long-term goals and boundaries.
Since Ethereum is at its peak, several crypto investors are looking for some alternative cryptocurrencies to try.
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In relation to this, Business Insider reported that crypto millionaire Sam Bankman-Fried advised that the most promising blockchains this year are Solana and Avalanche, both of which are called Ethereum killers.
In an interview with Decrypt, the FTX CEO noted that Solana, which is the seventh biggest by market capitalization, has scaled like a few others.
"They're one of the only chains that has a real plausible path forward here in scaling to the level you would need to get to if you wanted industrial-scale usage," he told Decrypt through Business Insider.
According to CoinMarketCap data, the entire value of Solana is just $44 billion, compared to $377 billion for Ethereum.
In contrast to others like Ethereum, which has become famous for its high gas prices, the blockchain's "proof of history" method provides relatively minimal transaction fees, simplicity of use and scalability, per another Business Insider report.
Meanwhile, for Avalanche, Bankman-Fried explained that "it is a real chain; it's a cool chain, and I think that there's a world in which it gets absolutely huge."
AVAX, avalanche's native cryptocurrency, ranks 12 with a market valuation of almost $20 billion and a six-fold gain over the previous year.
Cryptocurrency Price Prediction 2022
According to Invesco's list of "improbable but possible outcomes for 2022," Bitcoin might fall below $30,000 this year as the cryptocurrency bubble bursts.
In addition to this, the US investment company's global head of asset allocation noted that "The mass marketing of bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash."
He further stated that crypto investors are increasingly realizing that Bitcoin is not "better money" since it is highly volatile and has a limited supply, making it inflexible.
