In the latest Ethereum news, the price of the second largest cryptocurrency by its market cap has (again) dropped, this time to $173, marking a 10% decrease in less than 24 hours. The rest of the market is also in the red, but Ethereum is one of the biggest losers out there today.
The recent fallout in altcoin prices, specifically ETH, has boosted Bitcoin’s dominance of the crypto market, that is now commanding a new 60% market share. As of today, Bitcoin is officially closer to reaching 60% market dominance. On the other hand, Ethereum’s market dominance is 12.62%, according to new data from CoinMarketCap.
Bitcoin’s price woes over the past month haven’t been enough to compromise its market dominance – mostly because of ETH’s recent struggles which remain fiercer. None of the other altcoins plays a huge role in the Bitcoin/Ethereum rivalry for crypto market dominance – which is again rivalry that has consistently favored Bitcoin.
With a price of $1,377 in January 2018, a few months later Ethereum is one of the biggest losers for the year, dropping more than 80% and currently trading at less than 15% of its all-time high price.
According to our analysts here at DC Forecasts, the recent Ethereum fallout is largely attributed to a decline in ICO activity that boosted the Ethereum price since early last year. At this point, it is likely that the fallout will continue for the foreseeable future.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
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