”Will not even use enemy’s money to buy Ethereum at this time”-Peter Brandt

The once-glorious digital currencies are no longer deemed such, at least in the short term, given the current nosedive in prices and valuation.

The overall crypto market capitalization fell to R4.133 trillion at the time of writing, and the industry is undergoing a significant downturn, with Ether, the native token of the Ethereum blockchain, taking one of the most significant damages.

Ethereum’s price has dropped from its all-time high (ATH) of R78.3K in November 2021 to R17 061 after falling to a multi-year low of R14 355 over the weekend. Given this prognosis, Peter Brandt, one of the most prominent commentators in the digital currency industry, is not optimistic about the future of Ethereum.

 Brandt believes the price of Ethereum could fall as low as R4 806. While investors and Ethereum bulls may view this as a bearish call, analysts stated that “targets are not sacred—sometimes they are hit, sometimes they are not, sometimes they are exceeded.”

Despite his prediction and a dash of uncertainty, Brandt is not urging anyone to pile up on Ethereum at the present, stating that he would not even use his “Enemy’s Money” to buy Ethereum at this time.

The digital currency ecosystem is no stranger to expert price projections, the majority of which do not always hit the mark. The industry is still in a delicate discovery period, in which both micro and macroeconomic events can rapidly affect the development of events, making it impossible for a price call to follow the letter 

The Winklevoss Twins’ prediction that Bitcoin will reach R8 million by 2030 is still being watched to see if it will come to pass, as is PlanB’s R1.6 million prediction.

”Will not even use enemy’s money to buy Ethereum at this time”-Peter Brandt

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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