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This year has been a tough sail for Ergo since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of ERG.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Ergo to reclaim its all-time high in 2023? Continue with the article to learn about Ergo price analysis and prediction by Coinpaper.
Read also: What are the (not so) different types of crypto tokens?
What is Ergo?
Ergo is a Layer 1 blockchain that aims to address Bitcoin and Ethereum flaws. Like Bitcoin, Ergo uses proof-of-work consensus, which has a higher fault tolerance compared to the proof-of-stake. At the same time, Ergo mining is more energy-efficient due to employing a different algorithm that puts constraints on mining pools and ASICs. That means you can mine Ergo with the common GPUs. And just like Ethereum, Ergo’s blockchain is capable of deploying smart contracts but without expensive tx fees. An average transaction cost stands at about 0.0011 ERG, or one cent. The platform already has several functioning dApps that include a decentralized stablecoin SigmaUSD, an NFT platform, and a non-custodial crypto mixer. Apart from that, Ergo has a strong partnership with Cardano and uses its own smart contract language ErgoScript.
Ergo (ERG) price
Currently, Ergo Price is USD. ERG has a circulating supply of coins and a total supply of . If you are looking to buy or sell Ergo, KuCoin is currently the most active exchange.
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Ergo price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Ergo 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Ergo price at $2.9 to $5.8. On the flip side, a fading interest in the new meme coin may push the price of Ergo to $1.16-$0.87 lows.
Ergo price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Ergo (ERG) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Ergo to climb as high as $6.77, with the more distant prospect of reaching $8.21 in 2024. The bearish scenario is likely to see Ergo (ERG) trading between $5.09 and $4.12 in 2024.
Ergo price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Ergo (ERG) price analysis and prediction is based on pure speculation and observation of Ergo historical price movements.
Our Ergo 2025 price forecast expects ERG to rally towards $10.72 and reach $14.93 by the end of the year. The bearish scenario would see Ergo at $8.02 to $6.83.
Ergo (ERG) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Ergo is neutral. In 2026, we expect Ergo to reach at least $16.98 before climbing higher to $19.63. In case of a bearish scenario, Ergo may fall to $11.88.
Is Ergo (ERG) a good investment?
Ergo’s ambition to become the blockchain that combines the best of Bitcoin with the best of Ethereum can seem quite far-reaching for a niche market player it is. However, it doesn’t hurt to have one risky bet in your portfolio, and Ergo’s innovative architecture makes it an attractive investment. Still, just as with any investment, it's important to do your own research before buying any crypto.
Bottom line
Are you ready to invest in Ergo? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy ERG from many crypto exchanges, including KuCoin
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Ergo?
Ergo was founded by Alexander Chepurnoy and Dmitry Meshkov, who have been previously involved in several major crypto projects, including IOHK, the technology company behind Cardano (ADA).
What was the all-time high for Ergo (ERG) ?
The all-time high price of Ergo is $ on 2018-04-27
