Ethernity Chain price prediction: What is Ethernity Chain (ERN)?
Can ERN prosper despite not having a whitepaper?
- Ethernity Chain explained
- Ethernity Chain price history
- Ethernity Chain price prediction
- Final thoughts
The Ethernity Chain platform aims to make buying and selling non-fungible tokens (NFTs) more accessible, but what is Ethernity Chain (ERN)?
Let’s see what we can find out, and also take a look at the Ethernity Chain price prediction.
Ethernity Chain explained
One of the biggest blockchain developments of recent times has been the growth of non-fungible tokens (NFTs). These rights to unique pieces of digital art really took off during the second half of 2021 and, although things have cooled down a bit as crypto has suffered a bearish 2022 so far, they are still pretty big news.
With more and more organisations – many of whom had no prior connection to blockchain technology – getting involved in NFTs, more and more people will want to make money from them. And one way in which a trader can offload unwanted NFTs for a profit, while curious beginners can get a foothold in the world of NFTs without having to spend too much, is by getting involved in auctions.
Ethernity Chain describes itself as a “premier authenticated NFT project which auctions verified artwork featuring the top artists and stars from sports, music, film, gaming, tech and entertainment”. In short, it is a non-fungible token auction site, albeit one which aims to give some of its profits to charity.
Ethernity Chain is a blockchain-based network and, as a result, is duty-bound to have its own token. This token is called ERN, and it is used to bid on and buy NFTs that are up for auction. There is also the possibility to stake ERN in return for rewards – effectively, depositing them and collecting interest.
There are some very important things to mention about Ethernity Chain and ERN. Firstly, there is no whitepaper for the Ethernity Chain network or for the ERN token. This is something that might well serve as a red flag for potential investors, who might want to actually know what it is they are putting their money into.
Secondly, Ethernity Chain should not be confused with Ethernity Cloud, an entirely separate system that does have its own whitepaper.
Thirdly, ERN is based on the Ethereum blockchain which means it is, technically speaking, a token rather than a coin. However, you will hear references to the Ethernity Chain coin. Don’t worry, it’s the same thing.
Ethernity Chain was set up by crypto investor Nick Rose Ntertsas in 2021, with the ERN token coming later that year.
Ethernity Chain price history
It is now time to take a look at the ERN price history. While past performance should never be taken as an indicator of future results, knowing what the token has done in the past can help give us some very important context if we either want to make or interpret an Ethernity Chain price prediction.
When ERN first came onto the open market in early March 2021, it was worth about $11. The market was, at the time, in the midst of an extremely bullish phase, with people taking a real interest in cryptocurrency, and Ethernity Chain was able to benefit from the market buzz in its early stages. This is perhaps best illustrated by it reaching an all-time high of $74.13 on 27 March 2021, just weeks after it started to become widely available. After the rise came the decline, and things were made worse by the great crypto day crash of 19 May 2021.
One thing that is worth noting, though, is precisely how ERN responded to the aftermath of that day’s events. While a large number of cryptocurrencies did not really see their worst losses in the stagnant period after the crash until June or July, the lowest point that ERN got to over the two months or so – the time before a growing interest in non-fungible tokens saw the market recover in August – came on 23 May when it sank to $3.12, down nearly 75% from its pre-crash figure of $12.14.
Therefore, while the summer of 2021 was not exactly a great time for ERN, it was able to use the two months or so after the crash as a recovery phase, basically outperforming the market at the time. The real excitement came in August, when the market got going again. ERN topped its pre-crash levels on 4 August and reached a monthly high of $24.81 on 21 August 2021. After that, though, there was a decline and it closed September at $9.69. October 2021 was another month of slow recovery, and it finished up at $11.92.
Early November was a time of growth for crypto, boosted by Bitcoin reaching new highs, and ERN responded in kind, reaching a high of $17.44 on 3 November 2021. By the end of the month, though, prices were starting to retreat as the market contracted owing to worries about the Omicron variant of Covid-19, and it closed November at $13.05. December saw more setbacks and ERN closed the year at $8.98.
So far, 2022 has been a famine following 2021’s feast, and Ethernity has suffered along with much of the rest of the market. Although there was an initial spurt to $11.69 on 5 January, things soon fell down and, on 24 January, it reached a low of $4.16.
There was some recovery in February, with it reaching $7.83 on 11 February, but when Russia invaded Ukraine on 24 February, the market fell and ERN went with it, dropping to $4.31. March went a little bit better, closing at $5.63 as the token enjoyed a mini-bull run to $6.42 on 4 April, but after that, China’s crypto ban shook the market somewhat and it finished the month at $3.92.
If there were any hopes that May would see a turnaround in the token’s fortunes, those hopes would soon be extinguished. The depegging of the UST stablecoin and the collapse of the associated LUNA stablecoin saw it reach a new low of $1.41 on 12 May 2022. While there was something of a recovery from that nadir to a month-end price of $2.16, there was worse to come. In June, the Celsius crypto lending platform cancelled withdrawals, confirming that cryptocurrency was in a bear market.
The month saw ERN hit yet another all-time low of $1.16 on 18 June, and while there were some slivers of hope when the token shot up to hit an intraday high of $1.91 on 30 June, it closed the month at $1.34 and, by the afternoon of 1 July 2022, it was worth about $1.32.
At that time, there were just over 15.47 million ERN in circulation out of a total supply of 30 million. This gave it a market cap of around $20.4m, making it the 561st largest crypto overall.
Ethernity Chain price prediction
With that all out of the way, let’s take a look at the Ethernity Chain price prediction. It is worth remembering that price forecasts, especially when it comes to something as volatile as crypto, are often wrong. We should also point out that long-term cryptocurrency price predictions are often made using an algorithm, which means that they can change at a moment’s notice.
First, CaptainAltCoin makes an Ethernity Chain price prediction for 2022 that says the token should fall to $1.09 by the end of the year. By July 2023, though, there will be some recovery and ERN should trade at $1.64. By 2025, the token will be worth $2.73, but that is as far as the good news goes. By July 2027, the site says that Ethernity Chain will have dropped down to be worth $0, making it a de facto dead coin.
Next, PricePrediction.net’s Ethernity Chain crypto price prediction says that the token should hit $8.10 this year before reaching $12.72 next year and $18.84 the year after that. In 2025, ERN should be worth $27.11 before it gets to $40.55 in 2026. By 2027, it should trade at $61.25 before getting to $86.43 in 2028 and closing the decade at $126.81.
The site makes an Ethernity Chain price prediction for 2030 of $184.24, and says it should rise to $283.73 in 2031.
Meanwhile, CoinsKid makes an ERN price prediction that says the token should be worth $1.62 by the end of this year and $1.44 in July 2023. A year from then, it should be worth $1.82, and the site makes an Ethernity Chain price prediction for 2025 that sees it trade at $3.29 in July. Another 12 months after that, it should be up to $6.70, before climbing further to $7.28 in October 2026.
Finally, WalletInvestor is extremely bearish in its Ethernity Chain coin price prediction, suggesting that the crypto will fall over the next 12 months to be worth just $0.196 in July 2023.
Before we finish, some thoughts. Firstly, it is important to remind you that Ethernity Chain does not have a whitepaper. This is a potential massive red flag for investors – after all, most people like to have some technical understanding of what a crypto does and how its system works before they hand over their cash. That is not to say that Ethernity Chain is, in and of itself, a scam, but the lack of clear technical information might well hinder the crypto’s growth.
Secondly, it can be hard to see what it is that might make Ethernity Chain different from other, similar facilities. We will have to see whether or not ERN can do something that will help it to stand out from the crowd.
Finally, it is worth noting that NFT-related tokens have, in general, underperformed against an already bearish market so far in 2022. While there is every possibility things can turn round, it is also possible that NFTs could be a bubble that is slowly bursting. As ever with the world of crypto, it makes sense to act cautiously.
On 1 July 2022, there were just over 15.47 million ERN in circulation out of a total supply of 30 million.
It can be argued, at least by proponents of buying during dips, that now might be a good time to invest in ERN. That said, some caution is needed. We have seen the price of ERN go down quite a bit over the last 12 months.
Remember, cryptocurrencies can be highly volatile and prices can go down as well as up. You will need to do your own research and never invest more than you can afford to lose.
Supporters of buying during the dip might well tell you that cryptos like ERN, which has lost value over the last 12 months, are worth looking into. On the other hand, it has been in a bearish place for some time now.
Regardless, you will need to remember that cryptocurrencies can be highly volatile and prices can go down as well as up. You will need to do your own research and never invest more than you can afford to lose.
This is something that you will have to decide for yourself. Before you do so, you will need to do your own research, remember that prices can go down as well as up, and never invest more money than you can afford to lose.