Kategorie: Ethereum News

As the world of cryptocurrencies continues to evolve rapidly, investors are constantly looking for the next big opportunity. Ethereum has long been regarded as a stalwart in the industry, but analysts working on Ethereum price prediction reports for 2023 have raised questions about its future growth potential.

In contrast, Metacade, a new and ambitious GameFi project, continues to capture the attention of investors with a successful launch on Uniswap in early April. Crypto investment groups are increasingly focused on understanding the factors contributing to the poor Ethereum price predictions for 2023 and exploring why Metacade may emerge as a more lucrative crypto investment in the coming months.

Why do Ethereum’s price predictions look slightly subdued?

Ethereum’s undeniable influence on the blockchain landscape cannot be understated. Still, concerns about scalability, transaction fees, and long-term network upgrades have left some investors uncertain about its future price performance.

While the layer-1 giant remains a clear market leader in the public permissionless blockchain sector, the price of ETH may see significant challenges if it cannot capture an increasingly significant chunk of the enterprise use cases expected during the coming years.

Does Metacade (MCADE) have what it takes to outperform the Ethereum (ETH) price?

Investing in Ethereum has undoubtedly been a lucrative endeavour for many early adopters. Still, as the market matures and competition heats up, market challengers are beginning to emerge for ETH investors, which has many looking elsewhere to maximize their returns.

As the GameFi revolution unfolds, the massive and well-established gaming industry is poised to witness a significant influx of users flocking to projects like Metacade, driven by the desire to earn income while indulging in their favourite pastime. Metacade’s comprehensive and diverse game offerings set it apart from competitors that primarily focus on a single gameplay experience, providing it with a significant advantage in terms of market capitalization. 

With Metacade at the centre of the GameFi movement, this alone shows that the consensus is that MCADE is likely to be a much stronger crypto investment choice than ETH over the coming years.

What is Metacade?

Metacade is an ambitious project seeking to disrupt the gaming landscape by constructing the world’s most extensive play-to-earn (P2E) arcade. With a clear focus on providing an unparalleled gaming experience, Metacade aims to attract a diverse audience of gamers, fueling the growing GameFi movement by creating a very attractive ecosystem for gamers to engage with.

By offering a wide array of gaming genres, Metacade intends to cater to a vast audience, and the enormous existing gaming community means that the total addressable market (TAM) that Metcade aims to capture is astronomical in size. The platform also incentivizes community contributions and engagement, creating an ecosystem where users are rewarded for their input and activities and ensuring that the user retention levels seen are unparalleled.

The MCADE token is the project’s native currency, presenting a promising investment opportunity for those looking to capitalize on the emerging GameFi sector. As the platform gains traction and the user base expands, the demand for MCADE is expected to grow due to the high level of utility the token holds within the Metacade ecosystem.

How does Metacade work?

At the core of Metacade’s ecosystem lies its groundbreaking P2E arcade, enabling gamers to earn income while enjoying their favorite games. The MCADE token serves as the primary currency within the platform, facilitating value exchange and powering the rewards system.

Metacade’s comprehensive approach also includes rewards for non-gaming activities which means that there is the constant improvement of the user experience through this incentivization. The platform also offers gamers options for competitive and tournament play, with substantial prizes offered to winners.

Metacade’s unique Metagrants program allows game developers to pitch their ideas directly to the community. MCADE holders can vote on which projects receive funding, ensuring a continuous flow of popular games and fostering user engagement—ultimately contributing to MCADE’s value growth.

Is MCADE a good investment?

Metacade is emerging as a compelling investment option for investors seeking an alternative to Ethereum. With the GameFi industry reshaping how gamers can monetize their online activities, Metacade’s innovative platform stands at the forefront of the next stage of Web3 adoption.

Metacade’s recent announcement to partner with gaming group MetaStudio looks to be an instant winner too, with the gaming studio having worked on huge titles such as Transformers 2 and Shrek. With the studio set to release titles on the platform, the pairing undoubtedly adds value to an incredibly promising prospect.

As the project advances in 2023 and beyond, MCADE’s upcoming debut on Bitmart is predicted to drive considerable price appreciation – especially following the successful listing on Uniswap on 6 April. Coupled with increased public recognition and an anticipated influx of users, MCADE presents a promising investment opportunity with significant growth potential that looks certain to outpace any Ethereum price prediction significantly.

You can buy Metacade here.

The post Why is Ethereum’s Price Prediction for 2023 So Uncertain? Could Metacade Be a Preferable Crypto Investment as It Hits Exchanges in April? appeared first on CoinJournal.

Key Takeaways

• 15% of the ETH supply had been locked until the Shanghai upgrade completed Thursday
• There was no extra selling pressure, however, with ETH leading the crypto market, up 4.6% today
• ETH has broken through the $2,000 barrier for the first time since May 2022

Ethereum stakers woke up for the first time in a long, long time this morning with the ability to…sell their ETH. 

The Shanghai upgrade has been completed, meaning all the staked Ether – some of which has been staked since 2020, when ETH was below $400 per token – is now available for sale. 

A common discourse in the run-up to the event was whether increased sell pressure would flood the market. I analysed this myself last month, with the market long discussing what the unprecedented event would do. 

But around 16 hours in – the upgrade completed at 22:42 UTC time Thursday – ETH has provided an emphatic answer, not only resisting downward pressure, but leading the crypto market, up 4.6% since the upgrade. 

 

Nothing spectacular, but on what amounts to a pretty flat day for the market across the board, a 4.6% jump since the upgrade is interesting. 

Of course, not all Ether was completely locked up. Liquid staking derivatives were widely available, allowing stakers to receive tokens in return for their staked ETH which could then be traded as proxies, providing them liquidity – with the promise that the derivative tokens could be redeemed 1:1 once the upgrade went live. 

This fact, in addition to the fact that the upgrade has long been priced in, ultimately combined to assuage any pressure on the price. 

How much Ether was in the staking contract?

Nonetheless, having full liquidity again does make a difference, and there had been musings in the market as to what this could do for the price. As the upgrade went live, there was a chunky 18.2 million ETH locked up – priced in or not, that is a massive portion. 

Comparing to the overall supply, that means over 15% of the supply was locked up…and then suddenly available for direct sale. 

Particularly interesting is the hold period here. The earliest stakers locked up their ETH in late 2020, when ETH traded below $400. They then watched it rise close to $5,000 per token before collapsing down below $1,000. And all this while, it was locked. 

That is a rollercoaster ride with many highs and lows in between. Although, many argued that those early stakers were in it for the tech, less interested in the price. Then again, we are all humans at the end of the day, aren’t we?

Ether breaks $2,000

Not only has fear of sell pressure proved unfounded for now – although that could still change – but Ethereum breached the $2,000 mark for the first time since May 2022. That was the month that the crypto industry was hurled into the lurch, as LUNA death spiralled to zero, taking a massive chunk of the ecosystem with it. 

It’s probably not a reach to say that the Shanghai upgrade has come at a good time. Had the upgrade gone live last year, as panic and fear was extreme and prices were collapsing across the board, it could have been a different story.

Can you imagine if 15% of the ETH supply suddenly went live one week after FTX collapsed?

Instead, the upgrade came amid a buoyant period for crypto as a whole. Bitcoin is above $30,000 for the first time since last June, now up 83% on the year. Ether itself has banked inventors a 66% return year-to-date. 

Obviously, these gains come from decimated levels, and Ethereum remains quite a nasty 60% off its all-time high of November 2021, when it hit $4,891, just running out of steam before the $5,000 barrier. 

It may be a while before ETH gets back there – if it ever does, who is to say in the crypto market? – but whatever the price effects, the Shanghai upgrade is a vital step for the ecosystem as a whole. 

It had been delayed many times – originally meant to be part of the Merge, formerly known as ETH 2.0, which itself was pushed out multiple times. But now it is in the rearview window, and ETH can continue to develop. Fundamentally, the upgrade has been a success, just like the Merge was last September. 

Crypto prices depend on far more than that, however – and are far from science – and the macro environment remains challenging, even if interest rate hikes may be coming to an end, with the overall picture brighter than it was a few months ago. 

This is still a difficult time. But, for today at least, there is reason to smile for ETH investors. 

The post Ethereum breaks $2,000 as Shanghai upgrade completes, leads crypto market appeared first on CoinJournal.