Sportsbook Don't Have High Hopes For Crypto Prices To End 2022

Bitcoin has -210 odds to finish under $40,000 on January 1, 2023.
Ethereum has decreased in value by 40% in 2022 thus far.
Litecoin is down 58% in 2022 and has +300 to get over $200 by the end of 2022.

LAS VEGAS – Using Cryptocurrency to bet on sports has become more and more popular throughout the years and now, online sportsbooks have even gone as far as offering odds on their prices throughout the years.

Right now, with the crypto industry extremely low, betting sites are offering odds on the price prediction between July 1, 2022, and January 1, 2023, for arguably the three largest cryptos in Bitcoin, Ethereum, and Litecoin.

Can Bitcoin Recover From The Slums?

Highest Price Of Bitcoin Between July 1 2022 and January 1, 2023

Over $40k +155
Under $40k -210

Bitcoin is considered to many as the crypto giant as it is the most popular and commonly bought. However, it has been going through a major downfall in 2022 as the coin is looking at a 40% loss at the time of writing and currently sits at $20,688.

The fall began shortly after the coin hit its all-time high nine months prior in November 2021 at $69,000. Its lowest point of 2022 to date came earlier in June when it was $17,567.

In terms of where things are headed and where the value lies on the odds, some experts are predicting the coin to end 2022 close to $40k between $37k and $41k. There is some light to be shined on Bitcoin though being that since hitting $17,567 at the beginning of June, it has risen 11%. Although a month’s time is not nearly enough to gauge where it is headed, the slight rise is a good indication meaning the longer odds are well worth the risk.

Ethereum And Litecoin Manipulated By Bitcoin

Highest Price Of Ethereum Between July 1 2022 and January 1, 2023

Over $4k +300
Under $4k -450

Highest Price Of Litecoin Between July 1 2022 and January 1, 2023

Over $200 +300
Under $200 -450

With Bitcoin being the biggest crypto on the market, it caused other coins to be altered by where it is trending. Starting with Ethereum, it has been downhill since hitting its all-time high at the same time as Bitcoin at $4,867.

It lost 40% of its value since then and hit its lowest point of the year at $879.80 – the same day as Bitcoin. With Ethereum worth much less than Bitcoin, it was able to recover at a faster rate of 18% since the beginning of June.

Still, at the time of writing Ethereum is sitting at just $1,178.75 and has a long way to go to reach the $4,000 mark. Even with the push from Bitcoin, it might not be enough for Ethereum to recover the 185% to reach $4,000 hence the favored odds on the under.

As for Litecoin, being that it sits at a much less $55.82 (-57%) at the time of writing, there is tons more room to grow.

The last time Litecoin was listed above $200 was in December 2021. In order for it to get back up to that mark, it would need to bounce back 110% which is more than doable considering its low price right now.

It is also worth noting that volume is continuing to pour into the coin which will raise its value even more with 75% of people buying in the last 24 hours.

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Sam Profeta

Samuel has been writing professionally for 4 years. He comes from a sports writing background where he enjoys writing mostly about basketball and football both professional and collegiate. He is a recent graduate of Florida State University where he majored in Editing, Writing and Media with a minor in Communications. During his free time, you can find him watching or playing sports as well as playing videogames and listening to music.