For a while now, the crypto market has been in a state of a continuous plunge. Most of the currencies hit their all-time lows including the top names of the market including BTC, ETH, XRP, LTC etc. but a few days back, surprisingly, Ethereum’s price was seen to observed to have bounced back above the $150 mark.
The currency which was previously above $200 before the bloodbath lost more than 50% of its valuation and dropped below $100, which wasn’t much of a surprise since almost all the other currencies faced the same drastic plunge with BTC plunging from $6,400 to below $3,000. The factor which was surprising was the dramatic rebound attempt of Ethereum. The rebound started this Christmas and Ethereum has been going strong since then rising from the ashes back to its zone. The graphs of Ethereum from coinmarketcap show the currency’s attempt to rise back.
Not only has this rebound helped Ethereum, but the currency is also being praised for giving the overall market some hope for a boost in valuation. Since the rebound, other currencies have also been affected and there are once again signs of green in the market.
The question that arises is that would Etherereum be able to lead the market up front and help it out of the bear run? Relating to this, the blockchain strategist Anthony Parker (Founder of Cuberoot64) was of the view that Ethereum’s rebound might have a positive effect on the overall market but the effect wouldn’t be as evident as what BTC would’ve done to the market in a bullish run. Talking to BlockPublisher he stated,
It’ll (Ethereum’s rebound) help, but the whole market will recover if BTC rebounds. Still expecting a lower bottom however.
Thomas Power also thought that ETH wouldn’t be able to lead the market as much as BTC would’ve. Talking about facts, Thomas said, “BTC is The Index, 4 times the cap ETH, $66bn and $16bn respectively” it wouldn’t affect the market as much as BTC. He, however, believed that Ethereum would be giving the overall market confidence stating that,
It would give huge confidence, to investors, and the market makers of Devs. ETH will be back at $1500 2030 or sooner.
It is hoped that this confidence to the market would trigger the bullish run once again.