For quite some time now, Ethereum (ETH) has been despairing, and even though many eyes are usually on bitcoin the biggest cryptocurrency, investors have spotted this bearish market and are now wondering if the digital coin still has any future.
Despite seeing an increase in its price over the last few days, Ethereum’s journey this year has been an appalling one. Crypto investors by now have learned the tricks involved in the market.
Patience and knowing precisely what to do in the market could guarantee you a lot of success, however backing a coin which continues to fail whiles others at that same period keep rising could be a terrible move. Ethereum, once the people’s favorite after Bitcoin, has now been caught in the web of doubts as to whether investors should still bet on it to succeed or move on.
Ethereum for the most part of its stay in the crypto market has been the second largest cryptocurrency to bitcoin regarding market value, a tag which is now hanging in the balance, given the recent surge in the price of Ripple (XRP).
The digital coin has gone from being Bitcoin’s most prominent rival to just another name on the crypto list. Ethereum is now trading at $244 (at the time of this piece), after falling below $200 a few months ago, a price shy of its $800 peak this year.
Ethereum’s woes this year is mostly linked to huge ICO’s dumping their ETH holdings into the market to make capital to support their various business ventures. This problem was best epitomized in May, when 100,000 ETH valued at $60 million (each valued $600 at the time) were dumped into the market, leading to a 15% price dip within days. Ethereum’s price further dropped to $300 the early stages and another outpour of 110,000 ETH in that same month prompted a further value plunge.
Ethereum’s problems this year has been further worsened by network problems, and this is very surprising since almost all of the digital coins pride themselves with high processing and transaction speeds.
ETH, however, has encountered network problems most of this year, experiencing delays in its transactions, causing many unconfirmed ones. To be the second largest cryptocurrency with such a fundamental problem in the cryptocurrency world isn’t a good sign.
With many altcoins below it performing, it’s about time Ethereum picks itself up and act like the giant of a coin it is because, without a steady momentum, things probably might not work out. Moreover, with stiff competition still guaranteed, a bearish run could always be guaranteed.
So What Do You Think, When possibly should we expect another All Time High For Ethereum?
