Concerns have been raised after recent price dip on all crypto, including the top two – Bitcoin and Ethereum. For Ethereum (ETH) it has been on a downward spiral with little sign of change. Ethereum’s falling price splits the crypto community in two, significant part of cryptocurrency community has lost it’s faith in Ethereum. Crypto disagreements have become fairly common in 2018 — mainly because of the insane growth in 2017. Although, ETH had it’s swings before, but this is one of the most significant price drop it ever experienced.
Ethereum is down nearly 17 percent over the past day and that erased billions of dollars in crypto value as the bear market for cryptocurrencies continues to drop. It’s the first time ever that the price of has fallen below its valuation over one year: it is worth approximately $260 right now, versus $304 on August 14 2017.
The platform, unlike many others, wasn’t built to replace Bitcoin. The main idea behind ETH was to deploy applications that could end up changing lives for the better. It doesn’t try to take over as a payment currency, and that has helped it to grow exponentially.
Of course it’s had some ups and downs, but the Ethereum Foundation is already working on solutions to the scaling issues we’ve seen this week. In the past, founder and CEO, Vitalik Buterin has opined that the crypto is after people for the purpose of upgrading the platform. Ethereum’s incredible network continues to grow and its smart contract functionality will only become better.
There are more people and institutions building on ETH than ever, and as the ecosystem grows more projects will keep coming up. The potential for Ethereum dApps and smart contracts to be applicable and deployed for greater development has caught the eye of governments and institutions. Scaling upgrades like sharding are coming soon, pulling in more institutions and companies. The Casper implementation too will make the network better and secure, as will the Plasma protocol.
The main core of speculations about the fall of Ethereum – direct comparison to the stock market. In any case, the price movement of Ethereum can’t be compared to the stock market, cryptocurrencies are a unique asset class that is more volatile in nature and experiences rapid and significant growth, unlike traditional stocks.
We truly believe that the future for Ethereum looks bright: it is building a new and better infrastructure for the internet and its true value is much greater than its current valuation. The focus of a bigger part of the crypto community may be on prices, but fundamentally, Ethereum is here to stay.