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What's in store for Ethereum(ETH) in the year 2022?
Well like most other cryptocurrencies, (ETH) has been on a rollercoaster ride for over a year and a half now. Things looked peachy for the world’s second-largest crypto in 2021 with its native currency Ether (ETH) trading around the $4,000USD mark and global market cap rising to $500 billion by the end of the year. However, the new year started on a rough note and the price nearly halved to $2,200USD in January following interest rate hike indications from the US Federal Reserve.
Ether prices have since stabilised and even begun to recover slowly. It is currently trading at around $2500 – $2,740USD on coinmarketcap at the time of writing.
Ethereum is set to complete its transition from a proof-of-work (PoW) mechanism known to be the cause for heavy enviromental impact to the proof-of-stake (PoS) consensus mechanism. The move to Ethereum 2.0 as it is called is being done in phases that started from end of 2020.The transition is nearing fruition and is expected to complete by the end of 2022. This new consensus mechanism will lower energy consumption and reduce transaction fees as well.This transition is said to have minimal impact on how Ethereum operates for end-users, smart contracts and dapps.
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