Just a few days ago the markets totally failed to maintain their short recovery attempt and Ethereum plummeted to a new monthly low below $300.
Ethereum went down for a little less than 10% in just one day and it is one of the coins that its losses were most severe. However, there were hundreds of optimistic end of summer predictions for ethereum, even some claimed that it would break the $2000 mark and surpass bitcoin. The price of Ether could surpass that of Bitcoin in the following months. This means that with every single penny invested in Ether, Ether will make bigger returns than Bitcoin. This is because most of the investors that invest in Bitcoin are short-term investors but also this movement is possible because of the growth of Ethereum last year. CEO of Polychain Capital, Olaf Carlson believes that the entire market cap of Ethereum will exceed the one of bitcoin.
However, this doesn’t seem as a possibility since ethereum is in a crypto bloodbath these past two months with no sign of a greater recovery. ETH is now in a 9 month low which is devastating for this crypto given the fact that last year was very successful for ethereum.
Experts believe that the reasons for the situation that Ethereum is in are due to ICOs cashing out and if that is the case the market could suffer longer and it would also be a problem for ethereum to get back on its feet. It is important to notice that is not all bad and the market has already seen movements such as these so being patient is key when dealing with cryptocurrencies.
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