Ethereum PoW Price Prediction
Ethereum PoW, or ETHW, is a hard fork of the Ethereum blockchain with "The Merge". But what is the prediction for the native token's price?
Ethereum is a leading blockchain platform widely known for its native ether (ETH), the second-largest cryptocurrency in the market. It is a key player in the decentralised finance (DeFi) space, enabling users to create decentralised applications (DApps) with native tokens.
It was founded in 2013 by Vitalik Buterin, who pioneered smart contracts computer programs that automatically execute when certain conditions are met. These smart contracts have been beneficial for the Ethereum platform and have been adopted by many other blockchains.
It previously operated on a Proof-of-Work (PoW) consensus mechanism, similar to Bitcoin. This relies on miners to solve complex mathematical equations to add blocks to the blockchain, earning rewards in return.
Problems that led to the birth of Ethereum PoW(ETHW)
The PoW consensus mechanism used by Ethereum had two main drawbacks.
First, it required a vast amount of computing power, making it both costly and not very eco-friendly.
Second, the mechanism resulted in slower transaction speeds, leading to higher transaction costs, known as gas fees. Bitcoin did not face this issue as it only performs one function. With Ethereum's multiple functions, transactions on the blockchain were slower.
The birth of Ethereum PoW (ETHW)
To address the challenges of PoW, Ethereum decided to adopt a Proof-of-Stake (PoS) consensus mechanism. Under this system, individuals are chosen to add blocks to the blockchain based on the amount of the native token they hold, in this case, Ether (ETH). This new mechanism requires less electricity, making it more environmentally friendly and appealing to investors. Additionally, it results in faster transactions and lower gas fees.
In December 2020, Ethereum announced that it would be transitioning to a PoS consensus mechanism, known as "The Merge", which took place on 15 September, 2022. However, this transition harmed the blockchain's miners, as they were no longer needed and lost their supplemental income.
As a result, a group of anonymous miners established a version of Ethereum based on the original pre-Merge blockchain. This version is called Ethereum Proof-of-Work (ETH PoW). It allows people to continue earning rewards by adding blocks to the blockchain traditionally while utilising the same features as the original Ethereum. The mainnet of this Ethereum fork came online on 15 September, 2022, following The Merge.
Like any blockchain, Ethereum PoW has a native coin. ETHW is used to pay miners and can be bought, sold, or traded on cryptocurrency exchanges.
ETHW price history
Ethereum Proof-of-Work (ETHW) was officially launched on 15 September, 2022, and reached an all-time high of $141.36 on CoinMarketCap on 8 August, 2022. The value dropped to below $100 the following day. The prices continued to decline over the next few weeks, and by the end of the month, the value of ETHW was $49.58.
As the Merge approached, the ETHW price peaked at $63.29 on 3 September, but fell to a low of $27.03 on 9 September.
After the launch, there was some growth, and the coin reached a post-Merge high of $14.42 on 16 September. However, it faced a replay message attack which caused the price to drop to a post-Merge low of $4.22 on 19 September. The coin recovered and reached $13.78 on 24 September. It remained above $10 for the next week but fell again, reaching a low of $6.59 on 13 October before recovering to $7.66 the next day.
The collapse of the FTX exchange into bankruptcy had a negative impact on the market and ETHW, as the coin reached an all-time low of $3.13 on 22 November, with a small attempt at recovery in the following week. On 1 December, 2022, it was trading at $3.60 with a market cap of around $387.5 million, making it the 79th largest cryptocurrency.
Ethereum PoW current price
As of the time of writing, Ethereum PoW is trading at USD 3.95 with a 24-hour trading volume of $1,83,52,256.
Ethereum PoW is down 4.54% in the last 24 hours. It is ranked 83 on the CoinMarketCap with a market cap of $42,55,57,593, with a circulating supply of 10,78,18,999 ETHW coins.
Ethereum PoW price prediction
Ethereum PoW price prediction by DigitalCoinPrice suggests that the coin price could reach $9.05 in the current year and $10.69 the following year. The site predicts that by 2025, ETHW could be worth $14.81 before rising to $18.53 in 2027 and $22.51 in 2028. It also suggests that the coin could close the decade at $30.66, and in 2030 it predicts that it could trade at $42.71, with the potential to reach $59.23 in 2031.
WalletInvestor's Ethereum PoW price prediction for 2023 suggests it could face a challenging year. The site predicts that the coin's value could drop to a low of $0.277 by the start of December 2023.
It is essential to remember that the cryptocurrency markets are volatile, making it challenging to predict the price of a coin or token in a short period and even in the long term. If you are considering investing in crypto, we recommend conducting thorough research. Analyse the current market trends, news, technical and fundamental analysis, and expert opinion before making investment choices.
Author: Priya Kumari
Priya is a passionate content writer and the co-founder of Finendorse. She is an enthusiastic crypto investor and has a huge interest in the upcoming digitisation age.