Wednesday, July 24, 2024

How Many ETH Do You Need to BUY to Become a Millionaire in 2023?

The bull market will soon arrive. This implies that if you possess the appropriate token, you have a chance of becoming a billionaire. Few tokens are as “right” as Ethereum in this sense. Therefore, one of your best possibilities to become rich is through ETH.

However, how much ETH is required to accomplish this? Let’s see!

Historical ETH Performance
We both need to know where Ethereum might go from here before I give you the precise amount of ETH you need to become a millionaire. However, we must first comprehend its previous location. The vast majority of us are not whales with thousands of thousands of ETH. As a result, a significant price change is required for us to become Ethereum millionaires.

But it’s possible. In the cryptosphere, Ethereum is not new. Just after Bitcoin, it is now ranked #2 by market capitalization.

So, the price of ETH at the moment is $1,810.11. It has a 120,206,250-unit circulating supply. The market value of Ethereum is $217,555,405,540. This indicates that it accounts for a large percentage of the $1 trillion global crypto market.

After Bitcoin, Ethereum is your greatest option in the crypto world. On November 9, 2021, it reached its peak value of $4,815.00. The bear market had a negative impact on ETH, as it did on everything else. However, it still has a bright future. Possibly the altcoin with the greatest promise is Ethereum. There are a number of things that make Ethereum successful in the long run.

Smart Contracts
Ethereum is also the first platform for smart contracts. The foundation for the growth of decentralized finance (DeFi) is smart contracts. Therefore, some of the top DeFi projects are found on Ethereum.

NFTs
The most popular platform for NFT marketplaces is Ethereum. I concur that NFTs are becoming less popular. However, Ethereum would be in the lead if things picked up.

Metaverse
One of the most often used blockchains for metaverse initiatives is undoubtedly Ethereum. The blockchain of Ethereum is the foundation for well-known metaverse initiatives like The Sandbox and Decentraland.

On its network, Ethereum supports a number of additional cryptocurrencies. Ethereum is used by initiatives like Polygon and Shiba Inu. Ethereum, therefore, has what it takes to flourish and surpass its former greatness. Do you believe Ethereum will surpass its previous record high? Tell us in the comments section below.

What Does the ETH Chart for Ethereum Show?
We requested that Ethereum be examined by our technical analysis team. And this is what they said:

“ETH is trading at a significant area of support. If this support around $1673 is not maintained, the price could go as low as $1478, $1194, or $1081, which appears more likely. A less likely scenario is that ETH will manage to hold above $1673, at which point bullish momentum would likely continue toward $2133, $2684, and $3561.

Can ETH thus reach a new ATH? In the upcoming bull run, I’m positive that it can

Prior to the commencement of the last bull market, ETH reached its lowest price on March 9, 2020, at 89.66. On November 9, 2021, it reached an ATH of $4,815.00. However, it picked up throughout the 2021 bull market. This equates to 54.01X.

Nowadays, Ethereum’s ecosystem is far more advanced than it was back then. Numerous improvements and changes have also been made, including

The Shanghai Hard Fork of the Merge

In prior bull runs, we have witnessed how irrational ETH may become. In the following bull run, I don’t think anything will alter that.

1,000,000 ETH is equal to how much?
Your viewing of our ineffective arguments based on:

  • rise in market value.
  • dominance of the market.
  • technical examination.
  • healthy ecosystem.

How much ETH does it take to become a millionaire, then? In the following bull run, we anticipate ETH exceeding its ATH. According to our analysis, it should be close to $6000. If so, you would need 166.67 ETH tokens to reach the million-dollar mark.

In the upcoming bull run, Ethereum may very well surpass $6,000. However, I believe that probability is more palatable. I’ll estimate Ethereum’s short-term peak at $2,100 in 2023. What do you think about each of these? Comment below with your thoughts and let us know.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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