Bitcoin Price and Ethereum Prediction; Choppy Sessions in Play as New Year 2023 Approaches
To finish 2022, a dreadful year for coin prices, the top two cryptocurrencies are virtually unchanged from the weekend before. Bitcoin (BTC) continues to trade choppy due to a lack of volatility as investors prepare to celebrate the New Year 2023. However, the Bitcoin price and Ethereum prediction haven't changed much recently, as BTC has been consolidating in a narrow range of $16,450 to $16,750.
Similarly, Ethereum is choppy, oscillating in a narrow range of $1,180 to 1,200, and a break of this level has the potential to determine future trends. Ethereum (ETH) has had a rough year, but its underlying worth is higher than its current market price.
In 2022, the network finally implemented its long-awaited Merge, marking the beginning of its switch to a proof-of-stake consensus method. When validators were used in place of miners, the blockchain's energy consumption dropped by 98%.
To this day, more almost a hundred days after the Merge, ETH is trading at only $1,217. There are presently over 490,000 validators in the network, and that figure is only anticipated to expand by 2022.
Beaconcha.in, an open-source Ethereum blockchain explorer, reports that as of November 1, over $19.2 billion in ETH have been staked on the network since September. Even though ETH2 will make the network more efficient and speedier, the price has been struggling in recent months, despite early optimism about the cryptocurrency's potential for significant gains.
While its fundamentals have wowed market experts in the past, this year the asset has lost more than 55% of its value. Mike McGlone, senior macro strategist at Bloomberg, predicts Ethereum (ETH) will surge past Bitcoin (BTC) in the coming bull market. Because of the smart contracts and
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