Ethernity price prediction: What is ethernity (ERN)?
By Peter Henn
10:22, 29 September 2022
Ethernity Chain serves as an auction site for NFT makers and collectors, but what is ethernity (ERN)? Let’s see what we can find out, and also examine some of the ethernity price predictions that were being made as of 29 September 2022, too.
EBAY/USD price chart
Ethernity explained
One of the biggest online concepts from the first 10 years or so of the 21st century was that of the auction site. While eBay (EBAY) remains the largest one, the start of the 2000s saw lots of imitators spring up, allowing people to bid on items. Fast forward more than a decade and, with the rise of blockchain technology, non-fungible tokens (NFTs) became a hot thing in the second half of 2021. These rights to links to individual pieces of digital artwork were a hot property, with new tokens and collections springing up all the time. Indeed, the amount of NFTs that were involved with people and organisations that otherwise had nothing to do with cryptocurrency or the blockchain was notable and, for some, proof that NFTs had taken off in a big way. While the bubble has, at least to some extent, burst in 2022, there are still plenty of NFT collections and collectors out there, and NFTs remain a key part of the crypto sphere.
Now, let us suppose we could combine online auctions with NFTs. Well, we do not necessarily need to suppose, because at least one blockchain-based platform does just that.
Ethernity Chain calls itself the “premier authenticated NFT project which auctions verified artwork featuring the top artists and stars from sports, music, film, gaming, tech, and entertainment”. That means that it is, at its core, an NFT auction site. Something else that might attract people to it is that it says it donates some of its earnings to charity. However, it does not say which charities it will donate to, nor how much of its earnings.
Every blockchain-based platform needs to have its own native token, and Ethernity Chain has the ethernity token, also known by its ticker handle of ERN. This token is used to both bid on and buy NFTs that are on sale on the platform. Also, people are able to stake the ERN crypto in return for rewards.
There are three things we should point out at this stage. Firstly, there is no whitepaper for the Ethernity Chain network or for the ERN token. This is something that could potentially 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 (ETH) blockchain which means it is, technically speaking, a token rather than a coin. However, you will hear references to the Ethernity Chain coin but these are, technically speaking, wrong.
In terms of its history, Ethernity Chain was set up in 2021 by crypto investor Nick Rose Ntertsas in 2021, with ERN coming onto the open market later that year. Rose Ntertsas, who is based in the Cayman Islands, leads a team of 24 people working for the organisation.
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Ethernity price history
Now, let’s cast our eyes over 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 give us some very useful context if we want to either interpret an ethernity price prediction or else make one of our own.
ERN first came onto the open market in early March 2021 when it was worth about $11. The market was, at the time, in the midst of an extremely bullish phase, and ethernity got caught up in the excitement, reaching an all-time high of $74.13 on 27 March 2021, just weeks after it started to become widely available. After that, though, it dropped down and, despite reaching a high of $24.81 on 21 August and another one of $17.44 on 3 November, it closed the year at $8.98.
With 2022 being an underwhelming year for both cryptocurrency in general and NFTs in particular, it is perhaps little surprise that ERN has performed poorly so far this year. While it was able to reach $11.69 on 5 January, it soon fell and the problems were made worse in May. It was at this time that the UST stablecoin got depegged, collapsing the associated LUNA cryptocurrency and ethernity sank to a low of $1.41 on 12 May. Despite a small recovery, things got even worse the following month following the cancellation of withdrawals on the Celsius (CEL) crypto lending platform and ERN reached an all-time low of $1.16.
Since then, there has been a slow recovery, with the token most notable shooting from a low of $1.46 on 28 September to around $3.60 on 29 September 2022. At that time, there were 15,903,559.88 ERN in circulation out of a total supply of 30 million. This meant that the token had a market cap of around $57m, making it the 331st largest crypto by that metric.
Ethernity price predictions
With that all said and done, let’s look at some of the ethernity price predictions that were being made as of 29 September 2022. You will need to remember, however, that price forecasts, especially when it comes to something as potentially volatile as cryptocurrency, very often end up being wrong. Also, it’s worth noting that long-term crypto price forecasts are often made using an algorithm, which means that they can change at a moment’s notice
First, CaptainAltCoin was pretty downbeat when it came to making an ERN price prediction. The site said that the token could drop to $1.15 by December 2022, before making a recovery to $1.77 in September next year. The site then argued that ethernity could reach $2.98 in 2025. That was as good as things got, though, as the site also predicted that, by September 2027, the price could have dropped to zero. It gave the crypto little chance of making a recovery, with its ethernity price predictions for 2030 and 2040 coming in at $0, suggesting that the token could end up become a dead coin.
Next, CoinArbitrageBot had a far more optimistic ethernity crypto price prediction, arguing that the token could trade at a little under $13.53 by the end of the year. The site said that the growth would continue into next year, when it could reach just below $24.08, and on into 2024, when the site forecast the price could be slightly under $38.96. The site then went on to make an ethernity price prediction for 2025 that saw it reach a potential $63.03. How well you take this site’s forecasts will depend on, having done your own research, whether you think the token can grow by around 275% over the course of three months.
Meanwhile, CryptoPredictions.com was a bit more pessimistic, at least when it came to making an ethernity price prediction for 2022. The site said that the token could drop to below $2.57 by the end of the year, before potentially making a recovery to somewhere between $3.88 and $3.89 in September 2023 and almost touching $5.08 12 months after that. By September 2025, the site said ERN could be worth a fraction of a cent under $5.98, possibly hitting $6.70 a year after that and closing the year at $6.86.
Finally, WalletInvestor was also pretty bearish in terms of its ERN price prediction, saying that the token was in for a tough 12 months, with the ethernity price falling to a mere $0.225 by September 2023.
When considering an ERN coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is ethernity a good investment?
It is hard to say. The token is down significantly year-on-year, so we will have to see what, if anything, can be done to stoke a potential comeback. A lot will depend on the market as a whole.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets. So investors should be prepared to make losses and never purchase more than they can afford to lose.
Will ethernity go up or down?
It is difficult to tell. While the likes of CoinArbitrageBot are upbeat in their assessments of ERN’s future, sites like CaptainAltCoin strike a far more bearish note. It is important to remember that price predictions often turn out to be wrong, and that prices can go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether ERN is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in ethernity?
This is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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