It was a quiet weekend for the cryptocurrency market, after a week of slow growth and slumps for Bitcoin. The market price of the world’s topmost cryptocurrency is presently near $47,000. Bitcoin was down by 2.40% in the last 24 hours. Last week it was down to nearly $44,000 and it could only get as high as $48,000. With the week just having started, the market is bearish.
Ethereum also had an uneventful weekend. It has started the week at nearly $4,000. However, in the past 24 hours, ETH has been down by 2.70%. The market is optimistic for a massive ether adoption in 2022. The ethereum blockchain, regarded as one of the best, has been upgrading through the year. And this is very much likely to continue in 2022. The Ethereum Beacon Chain tests look promising. It will integrate with the main ethereum chain for a completed Ethereum 2.0.
Moreover, 2021 recorded an increase in interest shown by institutional investors for ether. Notedly, JP Morgan leads the pack as it established the market for NFTs on the ethereum-based network – Polygon. Analysts have also pointed out that ether has been closely following bitcoin. Price volatility or fluctuations in bitcoin pricing have a mirror-like effect on ethereum.
Meanwhile, 2022 looks promising for the overall cryptocurrency market. But with continued calls for regulation and the ongoing coronavirus pandemic, the market can be marked by massive falls and hacks. Analysts like Fred Schebesta, co-founder of Finder.com. predicts the crypto bull run into the new year. He foresees new or lesser-known digital assets gaining growth and attention. Schebesta believes the play-to-earn games will also see their highs.
Furthermore, he said bitcoin will cross the $50,000 market but like 2021, it will have its fair share of slumps too.