ETH - Should You Buy Ethereum While It's Beaten Down?
Ethereum (CRYPTO: ETH) was the first blockchain network to introduce smart contracts, which are software programs that self-execute when two unrelated parties satisfy the necessary conditions of a transaction. It's an incredibly important innovation that has the potential to upend incumbents in a host of industries by eliminating the need for middlemen. And it's why Ethereum has been dubbed the world's decentralized computer.
Therefore, it's no wonder that the price of one ether (ETH), Ethereum's native token, is up 530% over the past five years. But it's down 50% this year (as of this writing), meaning now might be a good time to buy some.
After the cryptocurrency market peaked at a value of nearly $3 trillion in November last year, it has generally been on a downward trend. That's because the Federal Reserve, in an effort to fight inflation that central bankers incorrectly assumed was temporary, have adopted a strategy of hiking interest rates to bring down prices across the economy. The result has been a risk-off approach from investors, leading to a bear market in cryptocurrencies in particular.
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Should You Buy Ethereum While It's Beaten Down?