The bull market is approaching and choosing the right altcoin can make you a millionaire. According to the famous analyst AltcoinBuzz, among the limited options, altcoin Ethereum stands out as the best competitor. Let’s examine Ethereum’s historical performance and explore its potential to reach new heights.
Historical performance of altcoin ETH
Before we determine the exact number of altcoin ETH required to become a millionaire, let’s examine Ethereum’s trajectory. Understanding its past performance is crucial to assessing its future potential. While most of us don’t own large amounts of ETH, reaching millionaire status requires a significant price increase. However, this possibility is not far off. Ethereum has firmly established itself in the crypto community. It is currently the second largest cryptocurrency by market capitalization, right after Bitcoin.
As of now, the price of altcoin ETH is at $1,864 and its circulating supply is 120,206,250 units. The market cap of altcoin Ethereum has reached a staggering $217,555,405,540. It represents a significant portion of the trillion dollar crypto industry. Ethereum is undoubtedly one of the most promising cryptocurrencies. It is second only to Bitcoin. Although it suffered a setback during the bear market, it continues to have a bright future. With its enormous potential, Ethereum stands out as the altcoin with the greatest prospects for success. There are several factors that ensure long-term viability of Ethereum.
Smart contracts
Ethereum pioneered the concept of smart contracts, laying the foundation for the rise of decentralized finance (DeFi). As a result, altcoin Ethereum is home to some of the most exceptional DeFi projects in its ecosystem.
- NFTs
Ethereum serves as the leading platform for NFT markets. The popularity of NFTs has experienced fluctuations. However, altcoin Ethereum is ready to assume the leading position should the trend regain momentum.
- metaverse
Altcoin Ethereum has solidified its position as one of the most preferred blockchains for metaverse projects. Well-known metaverse startups like The Sandbox and Decentraland are built on Ethereum’s blockchain.
In addition, the altcoin Ethereum hosts a large number of other cryptocurrencies on its network. Leading projects like Polygon and Shiba Inu rely on Ethereum’s infrastructure. With its extensive capabilities, Ethereum has all the necessary ingredients for future success, potentially surpassing its previous glory.
What does Ethereum’s ETH chart show?
AltcoinBuzz has taken a close look at altcoin Ethereum, providing valuable insights:
“ETH is currently hovering inside a very important support zone. Failure to sustain this support at $1673 could result in a decline towards $1478, $1194 and $1081, which seems more likely. However, bullishness will follow if ETH manages to stay above $1673. Then we can witness the bullish momentum continuing towards $2133, $2684 and $3561.”
Given this analysis, could altcoin ETH hit an all-time high? Personally, I’m sure it will reach it during the upcoming bull run. During the previous bull market, Ethereum hit a low of 89.66 on March 9, 2020. However, it rose to an all-time high of $4,815.00 on November 9, 2021. Accordingly, it represented an impressive growth of approximately 54.01 times. Today, Ethereum has an even more mature ecosystem powered by numerous updates and upgrades such as:
- The Merge
- Shanghai Hard Fork
Considering Ethereum’s historical performance during bull runs, it would be reasonable to expect similar results in the next. The exponential growth potential still continues.
How many altcoins ETH equals $1 million?
After considering our bullish arguments revolving around market cap growth, market cap dominance, technical analysis and a thriving ecosystem, let’s address the pressing question: How much ETH does it take to become a millionaire? Our analysis predicts that ETH will break its all-time high in the next bull run. Accordingly, it shows that it will potentially reach around $6,000. If this prediction turns out to be correct, you would need around 166.67 ETH to reach millionaire status.
It is conceivable that Ethereum could surpass $6,000 in its upcoming bull run. However cryptocoin.com We believe that this estimation provides a more comfortable probability. For 2023, we predict Ethereum’s near-term high will be around $2,100.
