The Ethereum latest news show that just like other coins, the crypto market has been struggling and the dominant altcoin leader is in a bearish momentum. If we see the big picture, we will see that the struggle is real and has been here for nearly two full years, ever since Bitcoin reached the $20,000 target and became a household name and altcoins like Ethereum (ETH) made investors filthy rich. According to one analyst, however, Ethereum will never see this potential again breach the $1,000 target ever again.
Ethereum exploded to over $1,400 per token in 2017 and the demand for the asset triggered by the ICO boom resulted in a price that was skyrocketing. This is why the crypto analyst thinks that ETH will never come close to $1,000 – even if Bitcoin some day reaches prices of $50,000 or more per token.
Cryptocurrency assets, just like any financial assets, are mainly driven by market dynamics such as supply and demand. With the scarce assets like Bitcoin which have low and hard-capped supply, when the demand rises prices can grow quickly, too.
This was how the 2017 crypto bull run went through – and how it got the mainstream public by storm resulting in viral Bitcoin news and BTC price of $20,000. The public media attention caused the demand to skyrocket and led to increased demand for other coins, too.
The crypto analyst Mac shared that Ethereum will never breach $1,000 in a Twitter post, showing it as a “morning thought” and a major possibility according to him.
Inspired by the lack of demand for Ethereum, the analyst believes that Ethereum will never again reach these prices.
Meanwhile, Bitcoin and other altcoins are still down from their all-time highs. While the entire market is significantly down, most of the altcoins are down by 80% or more and have lost significant value in their BTC ratios, too.
This is not just Ethereum, either. Many of the altcoins outside of the top ten cryptocurrencies by market cap are down as much as 99% from their all time high prices. The Ripple XRP news indicate that XRP is definitely one of them and according to many analysts, it will be extremely hard (or impossible) for XRP and the altcoin market to see the old prices again.
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