Ethereum (ETH) controls the altcoin market. Back in January 2018, the price per Ether peaked to a record-breaking $1,389.18. Ever since, the altcoin has been dropping with a slight peak on May 6th, 2018. ETH has been performing miserably against Bitcoin.
Whichever way Etherium goes, the rest of the altcoin market will follow. Despite of its performance in the early stages of the next bull cycle, Etherium still holds market dominance, staying second to the coin that started it all up.
Bulls predict ETH is likely to fall another 20% against BTC within the next few months. As of this moment, it is on the verge of declining below 38,2% FIB extension level, falling down to $60 or lower.
I posted this a few months ago but can’t find the post anymore.
Playing out magically so far.
The ETH fractal – dump it into mega moon.
When jumped over $20,000, Bitcoin over performed because of whales cashing out from altcoins into Bitcoin. Not long after, they started cashing out into fiat (USD, GBP, EUR, etc.), nudging Bitcoin to fall even lower than the rest of the coinmarket.
Despite of its rapid fluctuation, Ethereum remains a platform coin at its essence. Allowing decentralized applications (dApps) and other coins to build on the backbone it provides, it gives industry experts space for speculation of its future performance.
“What you’re seeing with Ethereum is an exponential increase in the number of projects–there are billions of dollars being poured into the ecosystem right now–maybe 10 times more projects this year than last year, which could lead to a doubling, probably a tripling in price by the end of the year.”–Steven Nerayoff, predicts it will jump to $3000.
“In Ethereum, this programming language is much more expressive and its higher level… So what we’ve seen in Ethereum is a much richer, organic developer ecosystem develop very quick which has what driven Ethereum’s price growth, which has been much more aggressive than Bitcoin… So maybe by the end of 2018.” – Olaf Carlson-Wee, $7000.
“Like Bitcoin, there is little stopping Ethereum from being an alternative currency to fiat and commodity currencies. You can conceivably trade anything using Ethereum, but this is not Ethereum’s strength compared to other crypto currencies – they can all do this. It’s rather the computing language that allows the smart contracts to exist that makes Ethereum more valuable than BTC (in my opinion).” – Jeff Reed
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