Joseph Lubin, the co-founder of ethereum, has elegantly described the recent activity that surrounds the ether cryptocurrency along with its counterparts, as an imminent trend. Lubin further believes that the cryptocurrencies were dragged down to an immense devaluation which is a vital part of the grand play, once again sky-rocketing the virtual currencies.
Lubin has presaged a decent future for the cryptocurrency, ether, which he left as the CEO to coin ConsenSys Inc. Here he offers his services as the chief executive officer (CEO), to help build startups over the ethereum network. He has observed the tantalizing fashion with which the cryptocurrencies alter their monetary values and cannot keep away without showering it with his praises. He describes each surge in the crypto price (as we witnessed the year prior), as a bubble which has eventually strengthened the market, even now as we see the prices plummeting down.
The ether co-founder has witnessed six such sharp trends in the chronology of ether explaining that though we see the charts plunging deep down, the future might be a bright one. He further states in a Bloomberg interview,
We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart. With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.
What Lubin regards a down for ether:
The prices of the virtual cryptocurrency have significantly diminished till the November of last year. There has been quite some controversy theories surrounding the abrupt trend of the cryptocurrency charts. Some blame it over some dirty scams that are upposedly been conducted in full swings over the crypto market. The recent drop of ether has been credited to the ICOs too, which tend, eventually to expose the capital in bulk to the crypto market, for them to be hung out to dry.
Lubin has spoken his mind out for the possible factors which, either deliberately or otherwise, have played a prime role in the recent sharp downfall for ether and its counterparts. He described that the prior rise has caused an immense increase in developers for the virtual markets sky-rocketing the activity by “two orders of magnitude”.
The cryptocurrency market has been feared by official authorities and commissions alike igniting a fury of duels between the crypto enthusiasts and incumbent authorities (like the SEC enraged over the ETF approval). The logic behind the ever-increasing quarrel between the two parties owes a fair share to the drawbacks that the crypto market bears in itself. The security issues and immense volatility have been the prime cases for quite an outburst which has initiated the authorities to evaluating further and coming up with ways (legitimate ways, i might add) to reject any advancement that the crypto market seeks to build.
Lubin delves in deeper into the already set up picture picking out the ultimate culprits as the “trader types”, because they are playing the key part in promoting the cryptocurrency volatility, further giving the market a bad name.
What does Lubin foresee for ehter?
Though one can easily solve the puzzle as to whether the ether cryptocurrency has dawned to eventual demise, there still are some optimists who are of the view that the itsy-bitsy blemish over the crypto market would soon wear off, giving out a more refined form of the market for further investments to be poured in. Lubin is among those optimists who have stated nothing but well for the future of ether. He perceives that the crypto market has turned into such a global place which cannot be marked negatively by a mere chart trend of less than a couple of months. Lubin describes that there is very less to fear as we inch towards the crypto future because the market is destined to flourish at some point even though we have been viewing a rather opposite trend. He further says that albeit, ether has been continuously at the disposal of major adversities, they would hardly affect the advancements that are yet to be conducted in the crypto world.
Can cryptocurrency really bounce back?
Cryptocurrency has been viewed as bearing the most irregular trend with analysts and enthusiast digging the mathematical equation that can cater for that very characteristic behaviour. We witnessed ether go far away from the previous score, and in the recent days from $300 to $250, which has been an alarming situation for major cryptocurrencies as the entire crypto market faced the devaluation altogether. But today, we see a rather not so convincing comeback from the virtual currencies as ether rises up from $250 to $280. The same has been the case for other cryptocurrencies including bitcoin and other altcoins. The jump has been recorded as approximately 20%, which sadly is not the rise expected by the crypto analysts as they further foresee a sharp plummeting that bitcoin is set to face along with the other altcoins.
The cryptocurrencies are expected to rebound to a stable level nevertheless, even though we do not see it happening anytime soon. What to take back from the discourse is that the crypto market needs to make a definite convincing rebound in order to keep up with the recent sharp price charts. The case otherwise would rather be way gloomy for ether and other cryptocurrencies as that would further drag them down from where a comeback would not even be possible.