Earlier today, the price of Ethereum which is the second largest cryptocurrency by market cap dropped and fell to its yearly low of $185. The decrease shocked many traders who were keeping an eye on the latest Ethereum news at the time – but a quick correction was expected.
A couple of hours later, we now have Ethereum (ETH) trading at $202 and rebounding above the $200 mark – in line with Bitcoin’s recent recovery which took the price from $6,190 to $6,450.
However, there is still a lot of room for development and improvement for Ethereum (and Bitcoin too). The price of ETH is now about 80% lower than its all-time high of $1,500. The creator of the Ethereum token is also not sharing any positive news or excitement about a potential new surge.
On the other hand, Vitalik Buterin, who is known for his controversial statements and his sold Ethereum, believes that the awareness of cryptocurrencies and blockchain already achieved its high point during December 2017. As he told Bloomberg:
“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,”
Buterin also explained that the strategy of promoting blockchain technology and cryptocurrencies is hitting a dead-end and that it is time to improve the infrastructure of decentralized systems and decentralized applications (dApps) as well as protocols all in order to ensure commitment towards blockchain-based platforms.
“Go from just people being interested to real applications of real economic activity,” he stated, adding “that strategy [promoting the blockchain to the broader consumer base]is getting close to hitting a dead end,” Buterin said.
The simple shift from cash to cryptocurrencies is definitely a big piece of pie right now. In order to reach true mainstream adoption, the crypto world must be ‘taken’ by the developers of dApps who will contribute to the new innovation making the decentralized systems seamless, risk-free and efficient.
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Ripple Is Now The Second Most Valuable Cryptocurrency Surpassing Ethereum
“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
Bloomberg Analysts: Bitcoin Is ‘No Longer Boring’ But Its Price ‘May Drop To $1.5k’
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