Crypto Briefing 5/20/22 - The Forecast

Crypto Briefing 5/20/22

Crypto Briefing 5/20/22

Bitcoin has continued to consolidate at $29,000, frustrating investors and making others believe that crypto is due for another leg lower. After a week of flat price action, Bitcoin has the potential to see a reversal soon.  A break above $32,000 will be the confirmation we need for a sustained rally in the crypto sector.  Odds favor it finally occurring this week.

In spite of stagnating prices, the crypto market is poised for a number of major developments over the next few months. For example, Ethereum 2.0 will provide a solution to ETH’s high gas fees as it will be migrating from a proof of work network to proof of stake. This update for Ethereum is slated to occur during Q3, and will likely result in a more positive outlook for the crypto market as a whole, not just Ethereum.

Ethereum was the first cryptocurrency to have smart contract capabilities, and is one of the few digital assets with tangible utility. As a consequence, the Ethereum blockchain has the highest number of developers and a blossoming ecosystem. Over time, we expect Ethereum to overcome its scalability issues, and continue to be a major player in crypto. While lesser known altcoins have higher ROI potential, Ethereum has consistently outperformed Bitcoin. ETH has terrific long term potential and is a fantastic option for more conservative crypto investors.

Even though retail investors are starting to turn bearish on crypto, the future of the industry has never been brighter – especially that now more than ever the space is closer to receiving regulatory clarity. Once this occurs, trillions of dollars in capital that has been waiting on the sidelines will begin to enter the crypto space.