Today, Ethereum hit a price of $228 and is now stepping into a 12-month low and supporting predictions and expectations of those who saw a slightly weakened market. Ethereum’s price has been shifting immensely since March 2017.
If you remember well, Ethereum’s price at one point reached $1,377.72 in January of this year and right after that, the price started falling rapidly. It hit $386 at the start of April but jumped back again in May hitting $830. Needless to say, the price then hit another low and is now currently battling around the upper $200 range. Many believed that the reason for these crazy swings is the surge in ICOs that are on the Etheruem’s blockchain.
At the end of the summer on Aug.16, Ethereum went from $250 to #280 following the market recovery but as it later turned out; the corrective rally didn’t do much for Etheruem. ETH’s fall erased all the gains this crypto made in its share of the crypto market and in June Etheruem recorded its biggest share of the total market with more than 30%. However, just two days ago, Ethereum’s share dropped to 11.48% compared to bitcoin’s 55%.
The CEO of BitMEX, Arthur Hayes, addressed that Ethereum’s price was supported by all the ICOs that started last year and thus all the investors are dumping their ETH because of the bear market so he predicted that the price will get even lower to where it is now. The entire market is still struggling; Bitcoin, for example, lost over $36 billion in market cap so it’s no wonder that Ethereum is struggling as well.
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“The first one is that it can support multiple collateral types. This, of course, means ERC-20 tokens. It also means Bitcoin through WBTC. A range of cross-chain assets that are emerging now. Also, there will be other stablecoins. Centralized stablecoins that already exist on the Ethereum blockchain. But most importantly, security tokens.”The MakerDAO foundation initially owned all of its MKR tokens but as Rune explained, they sold them off to multiple huge players in the EthereMum world in order to fund teams of 100 people. He says that MKR exists only to be able to vote in the system. The system rewards people who hold CDPs and when everything goes well, the MKR total supply is reduced, tokens get burned off and the value of the remaining tokens increases. Dai is extremely unique and some consider it as the real stablecoins, unlike the pegged coins. Dai is built on an open system so people who invest in cryptocurrency can access the stability of the Oracle system. Christensen also explained how real security tokens operate better in the world of traditional assets. He said:
“Security tokens are still something that is quite new. But what that really represents to Maker is the ability to now interact with real-world assets. The ability to interact with real-world finance and provide arbitrage opportunities between the traditional finance world and the tokenized world. That means that in the future the Dai will not just be backed by volatile cryptocurrencies, but things like real estate, bonds, and stocks.”The most important way to use Dai is as a stablecoin. If anything happens to the Ethereum network, there could be some negative consequences to the market but MakerDAO couldn’t get in a worse position than the one last year.
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