ETH - Ethereum in 2 Figures: Is It a Buy?
While Bitcoin is the most valuable cryptocurrency by market cap and laid the foundation for all subsequent cryptocurrencies to be created, the shockwaves and disruption that Ethereum (CRYPTO: ETH) created are likely on par with Bitcoin.
Ethereum changed the game when it was created in 2015 due to one primary characteristic -- smart contracts . With smart contracts, developers can build applications on Ethereum that execute actions when specific conditions are met. This could be anything from automating banking processes or streamlining supply chain management. Thanks to these smart contracts, Ethereum gave rise to an entirely new sector of cryptocurrency known as decentralized finance , or DeFi -- something that just wasn't possible with Bitcoin.
Despite Ethereum's innovation, it has not been impervious to the bear market of 2022. Since the beginning of the year, Ethereum has been down more than 65%. After the astronomic rise it went on when it was worth around $500 in November 2020 to eventually be worth $4,600 in November 2021, some sort of correction was likely inevitable. Yet, even with this year's price decimation, I believe Ethereum can return to those highs again one day.
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Ethereum in 2 Figures: Is It a Buy?