2022 was not a particularly good year for cryptocurrency, with many top currencies, including Bitcoin and Ethereum (ETH) seeing a fall in price and market value.
In recent years, many people have shifted from traditional investments like stocks, mutual funds, etc., to cryptocurrency. Investors all over the world keep a close eye on significant crypto prices and closely monitor changes and the latest trends.
Will cryptocurrencies plummet in the near future, or will they rise in value? Analysts and investors predict the unpredictable future of cryptocurrency amidst this period of volatility, and there are some exciting developments taking place in the crypto space.
You should stay up-to-date because cybercriminals may try to rob you by offering high profits during times of rapid price changes. Here are some recent crypto price changes and predictions which indicate an exciting ride ahead for many major cryptocurrencies.
Ethereum Drops as an Investor Makes Large 73K ETH Transfer to Binance
Stringent regulations and the ramifications from the FTX situation continue to hinder the price of Ethereum and Bitcoin. Even after a slight 5% increase in price, there has been a 24% downfall for ETH in the past month, which has made investors wary. If this bear market continues, analysts fear Ethereum could go under $800 and worsen the market even more.
Moreover, Ethereum saw a drop in value when a whale transferred 73K ETH to the world’s biggest crypto exchange Binance. According to CoinDesk, ETH fell almost 4% to $1170 after the whale moved ETH worth $85 million during Asian trading hours. When centralized exchanges receive a big inflow of money like this, it often causes high price volatility.
The price of ETH has a great chance of either dropping further or rising soon. The whale address responsible for the transaction had withdrawn more than 84K ETH from Curve’s staked ether–ether liquidity pool (stETH), bringing the stETH price down to 0.97 ETH. After this big ETH transfer to Binance, researcher Lookonchain has warned about the selling pressure of ETH.
Dogecoin Price Prediction
Earlier this week, the most famous meme-inspired coin in the world, Dogecoin, went back above the cent mark as it benefits from the broad market upside. Price predictions for Dogecoin have been bullish recently, especially after Elon Musk hinted that he might integrate Dogecoin with a future Twitter payment system.
Although Dogecoin looks like riding a small-term uptrend, it is forming an excellent structure that may see it rise into the $0.108 area. History suggests that the currency has an exponential price rise once in 3-4 years, and even though it has spent 2022 hanging between $0.05 to $0.15, we may see an exponential increase in 2023, even more so if Twitter implements the famous meme coin as a payment system. Should this happen and the world continue to adopt Dogecoin for daily use cases, we can see its price reach as high as $3.
ApeCoin and Dogecoin surge 30%
Both Ethereum and Bitcoin are improving, but over the past week, Dogecoin and ApeCoin have been on a wave and have surged almost 30%. There are various factors behind the increase in price in this volatile market, and investors are often trading these two specific coins in search of gains.
As mentioned above, Dogecoin has surged 35%, and it gained some much-needed momentum after Elon Musk publicly announced out his plans with Twitter. He aims to create a Tesla Phone which would have Dogecoin as a potential payment option. Again, if this plan comes to fruitan, Dogecoin will rise even more in value and market cap.
Bored Ape Yacht Club ecosystem’s token ApeCoin or APE, just like Dogecoin, has increased nearly 40% in the last month only. The club’s highly-anticipated APE rewards program begins this month and will offer token-based gifts and rewards to token holders. Excitement is high among investers in the crypto space, causing the price to surge.
Coinbase Wallet to End Support for Multiple Native Tokens Due to Low Usage
Coinbase is among the largest public cryptocurrency exchanges in the world, and they recently announced on their website that Coinbase Wallet would not offer support any longer to native tokens Bitcoin Cash (BCH), Ripple XRP Ledger (XRP), Ethereum Classic (ETC), and Stellar (XLM) after December 5, 2022.
Even though these assets won’t be supported anymore, users who have pending balances in their wallet can withdraw them within the recovery phase even after the December 5 deadline. During the bull market of 2017, such coins became prominent worldwide, but the wallet delisted them because of low usage by customers.
Ripple’s XRP has a global trade volume of over $1 billion over the course of one day, and a $19.6 billion market cap which makes it the 7th-biggest crypto in the world. Native token versions for Ethereum and Bitcoin, the two most significant cryptocurrencies in the world, ETC and BCH, started strong five years ago after their issue but have lost major portions of their market share ever since.
People have moved on to other and/or better options, leading Coinbase to end providing support for these native coins.
Summary – Stay Updated with Crypto Prices & Predictions to Avoid Being Scammed
If you do not have ample knowledge of the crypto industry and are not familiar with the prices of major coins, you should consider staying away from crypto trading. Staying up-to-date with the latest news and events in crypto is a must for those who trade and invest in this space.
Also, there are thousands of cybercriminals and scammers out there waiting to steal the hard-earned money of crypto traders. During times of significant change in crypto exchange rates, scammers are known to manipulate investors, promising them high profits, and as a result, steal their money and crypto assets.
When you know about the state of the market, crypto price changes, and expert predictions, you will not be fooled by any scammer or online thieves. Also, basic knowledge about blockchain technology and applications and cryptocurrency fundamentals will make trading safer and more secure for you.
If you are planning to trade in crypto anytime soon, consider the above predictions and price forecasts before making any decision. Always stay abreast of the latest market news, predictions and crypto prices to avoid being scammed.