There’s no doubt that Ethereum, along with Bitcoin, is one of the most profitable cryptocurrencies on the market. But is it the best cryptocurrency to invest in in 2024? That question can only be answered by taking a look at a detailed analysis of its fluctuations history.
Over the past year, Ethereum has had significant highs and lows. At one point, it managed to peak at a market cap of $488 billion, dropping to $290 billion later.
Ethereum wasn’t the only cryptocurrency to go through a period of significant volatility. The entire crypto market was shaken up in early August, resulting in significantly decreased prices. The worries regarding a potential recession and global geopolitical tensions that particularly fueled up after Donald Trump’s encounter with gunshots led to plummeting prices (although he has also inspired several crypto projects).
Ethereum is a digital currency that’s taken a big hit, with prices falling from $3,500 to $2,400. The situation hasn’t been improving much – at least, not in the span of the last 30 days. ETH’s price declined by 6.52%, alongside the overall trading volume, which decreased by 44%.
Make no mistake – even with these numbers and somewhat worrisome trends, Ethereum is still doing well. After all, an investor has recently been able to cash in a $131.7 million profit by holding ETH for 2 years, so it’s safe to say that Ethereum is still a worthy investment.
At the moment of writing, the live price of Ethereum is $2,637.22, with a market cap of $317.42 billion and a 24-hour trading volume of $16.47 billion. These figures are still very appealing to investors and crypto lovers who consider Ethereum to be a valuable asset. It’s sufficient to say that some people believe Ethereum to be a better buy than Bitcoin, which has dominated the crypto market since its inception.
That being said, Ethereum’s price doesn’t come even close to Bitcoin’s current value, as a person would have to fork out $63,245 for just one BTC. Due to Bitcoin’s volatile nature, that staggering number is nowhere near its all-time high price of $75,830. At the moment, these high numbers seem unattainable for Ethereum, although it’s possible ETH will reach them at some point in the future.
As for the foreseeable future, there have been many debates regarding Ethereum’s price. Some experts believe that it’s possible for ETH to hit $10,000 in 2024, while others believe that the price will be reachable only at the end of the decade. The most likely scenario is that Ethereum will reach $10,000 sometime between 2027 and 2029, although things can quickly change in the world of cryptocurrency.
If you are interested in investing in Ethereum and harvesting its potential, the right time to do so is now. The prices are still down, so it’s the right time to buy coins and wait for the market conditions to improve. Judging by expert predictions, that could happen any day now.
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