Consulting Giant: This Is The Altcoin To Buy Now!

Bitcoin and altcoin prices saw massive depreciation in the first 6 months of 2022. However, in the past 1.5 months, cryptocurrencies have been making a fast and furious rebound from their lows. However, according to consulting giant Fool, a hugely popular cryptocurrency offers the best buying opportunity. Here are the details…

“This altcoin provides the best opportunity”

Ethereum reached a low cycle of $897 on June 18. It then rewarded its owners with a 97% gain from that low point. Thus, he showed how quickly things can change in the crypto market, especially on the basis of sentiment. The leading altcoin ETH reached its all-time high last November. Now, it is still trading 63% down from this high of $4,847. Also, if Ethereum is massively adopted by the general public, everyone is likely to become an “early investor”. Everyone knows how volatile the cryptocurrency can be on a daily basis.

There are too many people interested in starting a position on Ethereum. An investor who wants this can take advantage of a strategy that has long been used by stock traders. This strategy is dollar cost averaging. Investors can use the dollar-cost averaging to tier their positions over time. Thus, they do not need to start a smaller position or enter a full position.

Ethereum Merge is approaching

The biggest factor behind Ethereum’s recent rise is its imminent transition to the Proof-of-Stake mechanism. As we have reported, this transition is often referred to as Merge. This is the biggest change in the altcoin network and its users in years, if not at all. Moving to a proof-of-stake consensus will help overcome two of the main challenges Ethereum has struggled with for years. These; high transaction fees and long waiting times for transactions.

It will also allow more users to join the Ethereum network and earn rewards by staking their ETH. This essentially means that users can help secure the network by committing some of their Ethereum to verify transactions in exchange for some staking reward. Finally, the transition will help Ethereum become more climate-friendly by reducing its carbon footprint. This was one of the biggest criticisms of Proof-of-Work cryptocurrencies over the years.

Ether’s place in DeFi and crypto

Ethereum has a market cap of $208 billion. This dwarfs all other cryptocurrencies except Bitcoin. However, Ether is older than most other leading cryptocurrencies today, with its launch date in 2015. Therefore, altcoin has an important position in the crypto world. In addition, Ethereum is the system that underlies most of the decentralized finance (DeFi) ecosystem today. Many other popular cryptocurrencies run on the Ethereum network. These cryptos include USD Coin, Uniswap, and Shiba Inu.

Polygon, which is currently the 13th largest cryptocurrency by market capitalization after the severe performance this summer, has also been built as a scaling solution for the Ethereum ecosystem. Also, Ethereum’s importance for DeFi and cryptocurrency as a whole is based on the fact that many other top cryptocurrencies use the Ethereum Virtual Machine (EVM). EVM is essentially a middleware that enables smart contracts on Ethereum to work on other Blockchains.

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Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing site 3 months ago.