Ethereum (ETH) has remained the second biggest cryptocurrency of the world in terms of market capitalization for quite some time until it was recently taken over by XRP. ETH has enjoyed its highs in the past but the recent bear run of the market has taken the asset down with it. The currency has even crossed the $1,000 mark before but since then, it has largely been a downward slope for the asset with few spikes in between.
At the time of writing, ETH is priced at around $93 as per www.coinmarketcap.com. So where might be headed from here on? In order to get a perspective on this from someone who is actively involved in this world, BlockPublisher got in touch with one of the well-renowned names of the blockchain world, Thomas Power. Thomas is currently a member of the board of directors at BICRA (short for Blockchain Industry Compliance and Regulation Association).
Back in September, Thomas made some strong remarks regarding bitcoin’s price that it would be heading to $3,000 and now, we are floating around in the $3,000s.
In reply to the question posed by BlockPublisher regarding where ethereum (ETH) might head, Thomas stated:
South. Not until BTC bottoms at $2160 can ETH bottom. Another 33% fall is necessary.
From what he is suggesting, things are not looking good for ethereum at the moment. It already has faced a heavy price drop resulting in a loss of a large amount of investor money. Various crypto projects that have raised ethereum (ETH) tokens in fundings are now a bit concerned as the price of ethereum has already taken a huge toll. A further drop in its price would mean further damage.
This overall drop in price isn’t just linked to ethereum only. The entire crypto market is in a bear run for quite a long time. Various cryptos are facing a downward trend. The world’s leading cryptocurrency, bitcoin, has also seen the same fate. After almost touching the $20,000 mark last year, bitcoin has come down to the lows of $3,000s this year. This kind of volatility shown by the crypto world has put its reputation into question.
It will be very interesting to see what happens from here on. Whether the market bounces back or the bear run continues, things seem uncertain. The only certain thing associated with this world seems to be uncertainty.