Crypto Industry Experiences Highs and Lows in 2022
7. January 2023
• 2022 saw cryptocurrency and digital asset industry experience highs and lows and some funny moments.
• Ethereum underwent a major overhaul, shifting from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus.
• Vitalik Buterin, the inventor of Ethereum, made headlines for a picture he took and his poor skills in setting up a microphone.
In the summer of 2022, the cryptocurrency and digital asset industry experienced some of the highest highs and lowest lows since its inception. This year was full of keen market observations, humorous memes, and major protocol upgrades.
The second-largest cryptocurrency by market capitalization, Ethereum, underwent a major overhaul. After a long period of anticipation, the cryptocurrency officially transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus, a process known as “The Merge.” This transition was met with enthusiasm and optimism by Ethereum supporters, as many argued that the protocol upgrade would lead to greater scalability, improved network security, and more efficient governance.
One of the year’s most memorable moments occurred when Vitalik Buterin, the inventor of Ethereum, took a picture with someone which was later revealed to be something “absolutely massive.” Following the picture’s release, Ethereum’s price pumped quite a bit, and the incident quickly transformed into countless memes, discussions, and even price speculation. Buterin was also the subject of “memetization” throughout the year, and in addition to his massive reveal, he made headlines for his poor skills in setting up a microphone.
In addition to Ethereum’s protocol upgrade, the wider cryptocurrency market also experienced its fair share of volatility throughout the year. Bitcoin and other major cryptocurrencies saw their prices move sideways on the 4-hour chart, while some of the lesser-known coins made headlines in the first week of January.
Overall, 2022 was a year of highs and lows for the cryptocurrency and digital asset industry. Major protocol upgrades, humorous memes, and price speculation were all part of this “absolutely unforgettable” year.