Cryptocurrencies have had an incredible year and run since their inception. The previously skeptical individuals have also dived head-first into the pool of cryptocurrency looking at the massive returns that other investors have received. People who have invested in the top cryptos steadily, with unwavering faith have witnessed maximum profits. The rags to riches story has come true for so many individuals who decided to embark upon this journey.
Most people are aware of bitcoins and the successes it has seen in recent years. However, other altcoins have not held back in this respect. Ethereum, the second-best cryptocurrency in the market, has also had a fabulous year with a gain of more than 415% in the Ethereum price over the last year. This massive growth has also led the experts and financial gurus to believe that the prices are subject to surge even more in 2022. The promising growth of Ethereum up until now and the predicted growth have invited a large number of investors to buy this as an asset.
Ethereum: A potentially money-making crypto
Why is Ethereum considered to grow even more in 2022? This question has several straightforward answers. This crypto is expected to have a leg up in the coming year as the network is set to move from a PoW (proof of work) protocol to a PoS (proof of stake) one. The PoW protocol uses powerful computers to mine transactions and creates more Ethereum using challenging calculations.
This process consumes high energy and is incredibly slow leading to excess energy consumption and damage to the climate. The PoS system would allow more than 1,00,000 transactions per second which are significantly faster as compared to the number of transactions with PoW.
The price predictions for Ethereum
Considering the previous gains in the price of ETH, the projections for the upcoming year are seeming steady. In the last bull run that happened in November 2021, the price of Ethereum was around 300 dollars and it eventually ended up at approximately 1300 dollars. This jump took place in a span of fewer than 2 months. The whole market seemed to gain 4 times the money and market cap along with this surge.
Currently, the value of ETH to INR is nearly 1,81,742 rupees which do see some fluctuations on a daily basis. Looking at the aggregate yearly performance of ETH, it seems to outperform bitcoins. Ethereum is still expected to surge 3 times, increasing its price much further.
Ethereum required to be a millionaire
A market expert made some calculations and keeping in mind a few assumptions about the surge in the price of ETH, they suggested that if Ethereum, today, costs around $3500, then an approximate of $2,50,000 more will be necessary to make $1 million. This is assuming that Ethereum jumps 4x from its price and position currently. In other words, this would mean that a person would require 69 Ether. Ethereum is a good long-term investment and has the potential to turn out to be one of the biggest and most successful cryptocurrencies in the market.
Considering the possible and long-standing benefits the investors might reap by putting a part of their money into Ethereum, the question now arises about how one can purchase this crypto in India. The process of buying and investing in cryptocurrencies in India is pretty straightforward. Several online platforms offer their services in buying these cryptos.
Here are a few steps one can follow if they are interested in investing in this venture
1. Sign up
Make an account on any reliable crypto exchange platform. This can happen online using websites like CoinSwitch. Make sure that the platform that you are choosing is relevant and offers you the option to purchase a number of different cryptocurrencies.
2. Register
Complete the registration process by adding all the details, finishing the KYC verification, and uploading the images of the documents as necessary
3. Transfer funds
Using the linked bank accounts, credit or debit cards, or any other medium allowed by the platform, transfer the funds into the online wallet to be able to purchase the cryptocurrencies that you would want to buy. Make sure to keep an eye out for recent trends, highs, and lows, along with the current rates of the crypto before making your purchase.
4. Store or trade
Based on your plans and financial goals, you can decide to store the particular cryptocurrency or sell it to another buyer. Understand the risks involved in the process before taking any steps and undertake guidance from experts in the field especially if you are a novice.
Experts often suggest that rash buying and panic selling of stocks or cryptos may not be a great idea. The best way to reap maximum benefits from this system would be to invest a steady amount constantly (based on your plans – monthly or quarterly) despite the rates. If you are not a big risk-taker, you can also create a diverse portfolio by investing only a percentage of the allotted funds into cryptocurrencies – the rest of the amount can go into mutual funds, stocks, fixed deposits, etc.
Cryptocurrencies like Ethereum are predicted to show great potential in the coming year. Beginning to invest in these at the earliest would help you receive higher returns as the Ethereum prices are expected to rise. Invest smartly.
Also read: How to Buy TRX with ETH
