Ethereum (ETH) has been a persistent laggard this year, failing to catch up with other major cryptocurrencies. However, if history is any guide, it might finally shine in 2022.
The altcoin tends to record significant gains during the year that comes right after a quadrennial Bitcoin halving.
This, for instnace, was the case in Q1, 2021. After underperforming against Bitcoin in late 2020, ETH ended up surging by more than 300% within just three months, leaving Bitcoin in the dust.
The altcoin also soared by more than 900% in early 2017, skyrocketing to $80.
Overall, the average Q1 returns of Ether stand at roughly 93%. It tends to be the most successful quarter for the flagship altcoin by a large margin.
However, it should be noted that Ethereum was benefiting from the growing excitement surrounding its decentralized finance ecosystem, as well as the non-fungible token (NFT) sector.
In early 2017, the altcoin started surging higher due to the initial coin offering (ICO) frenzy.
However, there is no obvious bullish catalyst that could push the Ethereum (ETH) price significantly higher this time around.
Hence, it is not clear whether the altcoin will be able to follow the same bullish pattern.
This year has so far been extremely underwhelming for Ethereum (ETH) bulls, with the ETH/BTC pair losing as much as 35%. As reported by U.Today, cryptocurrency millionaire James Fickel lost tens of millions of dollars after betting on Ether outperforming the largest cryptocurrency.
It remains to be seen whether Ether will be able to turn the tide next year.
US-based spot Ethereum ETFs recently recorded impressive inflows after underperforming earlier this year.
Dan Burgin