The crypto market is experiencing some of its most volatile days this year. Prices are taking exciting turns each day concerning the latest news and updates that are coming in. Even expert opinions on the future possibilities of crypto prices are divided more than ever. Such mixed sentiments can make you prone to wrong and influenced decisions.
In light of this, we have prepared a collective and unbiased analysis of top cryptocurrencies. You can get a broad market perspective through it to plan your crypto investments.
Crypto Price prediction & Analysis
Before diving into the analysis, we recommend not to consider the content of this blog as investment advice and always DYOR.
Bitcoin Price prediction 2022
Let’s begin with the king coin of the market. Bitcoin’s price has continued to fall in the first half of 2022. As a result, it has been almost 70% down from its ATH of $ 69k. However, the coin gained momentum in July after hitting a low $17,567. It experienced an upward rally at the beginning of the second half of July and rose to $23000.
Experts are predicting a dissipation of market fear was the key reason behind it. The “No recession” statement by the Fed chairman also helped to bring a splash of positive sentiments to the market. But over the weekend, Bitcoin lost all its gains and dropped below $21000. It was partially due to Elon Musk’s announcement that his company Tesla sold 75% of its BTC holdings.
In the last week of July, Bitcoin’s upward rally resumed. Investors were expecting a downfall in the market after the Fed announced an increase in interest rates by another 0.75%. But to everyone’s surprise, the market continued to rally. Furthermore, the fall of the US GDP in the second successive quarter also failed to stop BTC from hitting the $24k mark by July end.
Talking about the next move of Bitcoin in the market, it seems pretty likely that the upcoming Ethereum upgrade, The Merge, may take the prices of Bitcoin and other major altcoins to a much higher level than the current prices. But it can go south too if the US declares recession and the investors panic to sell their crypto assets.
Ethereum price prediction 2022
If any currencies are worthier than bitcoin these months, those are Ethereum (ETH) and Ethereum Classic (ETC). The most awaited upgrade of the year, The Merge, got its launch date of September recently. The market has shown great excitement about it, which led Ethereum to surge from $1000 to $1500 and then even touch $1700 in only two weeks.
But Ethereum’s brother coin, Ethereum Classic (ETC), seems even more excited about the Merge upgrade. The coin is up over 60% in seven days and gained over 150% in one month. The sudden surge in ETC is the upcoming shift of the Ethereum blockchain from PoW to PoS through the Merge upgrade. After the upgrade, Ethereum miners will not receive any mining rewards. Hence, they are shifting to Ethereum classic, which works on a proof of work mechanism, to continue obtaining mining rewards.
Based on the current market scenario and behaviour, any significant drop in Ethereum seems less likely till its upgrade launches. However, if the upgrade is postponed for any reason, ETC and ETH might face a price drop before its launch. Its key resistance is predicted at $1,720, after which it can rally to $2,000 and even more if the upgrade becomes successful.
Ripple price prediction 2022
The Ethereum upgrade is the calming factor in the current chaotic market. The rising doubts of investors in crypto post-Terra Luna crash seem to dissipate with the news of a scalable upgrade of Ethereum. As a result, many altcoins have joined ETH in its upward rally. For example, Ripple (XRP) saw a price increase of over 10% in the past two weeks due to the positive sentiments of the Ethereum upgrade. It has a critical resistance set at around $0.38, at which the breakout can occur if the bullish phase continues. In that case, it can even hit a half-dollar mark.
Cardano price prediction 2022
Cardano (ADA) also took advantage of the surging market and surged over 15% in the last two weeks. It can go higher if BTC and ETH continue to hike in the upcoming month to break out from key resistance lying between $0.55 and $0.66.
Solana price prediction 2022
Though Solana (SOL) enjoyed a short rally right after the beginning of the second half of July that elevated its price from $33 to $46 in less than a year, it lost all its gains in the following week. But if this altcoin hits the resistance mark of $44 again, it can get into a bull run to hit up to $60.
The Endnote
July has been better for the crypto market after the May and June market shrink. The upcoming Ethereum upgrade and expected interest hike declared by the Fed are the main reasons for the market surge. However, August will be crucial to see if the surging phase of the market continues or if it plummets further. Investors should keep themselves updated about new international announcements that can directly affect the market sentiments.
