At press time, the second-largest cryptocurrency and number one competitor to bitcoin is trading for $500 even. This is slightly less than where the currency stood 24 hours ago.
Bitcoin and Ethereum share more behaviors than one might assume. For example, bitcoin recently struck a “high note” after falling dramatically to $6,200. The currency incurred a $400 price rise that brought it to $6,600, thereby giving investors and traders alike a new sense of hope. Since then, the currency has fallen again, though not by a serious amount (bitcoin is currently trading for $100 less at $6,500).
Ethereum’s behavior is virtually identical. The currency fell dramatically to the mid-$400 range, only to shoot back up to $516, then drop back down slightly to its current trading price.
The problems began with the announcement that the Commodity Futures Trading Commission (CFTC) had subpoenaed four primary cryptocurrency exchanges – itBit, Coinbase, Kraken and Bitstamp – to gather trading data on bitcoin futures. The CFTC believes price manipulation may have entered the cryptocurrency space last December to bring the currency up to its all-time high of nearly $20,000.
Following the announcement, bitcoin, Ethereum and several other cryptocurrencies fell deep in the red, though the Security and Exchange Commission’s (SEC) decision to reject listing both bitcoin and Ethereum as securities due to their decentralized natures has ultimately caused their prices to rebound, and while recovery is set to be a long and overdue process, we’re not likely to see any more major dips in the immediate future.
However, some are very divided on whether Ethereum and its altcoin cousins will continue to see green in the coming weeks. Are the best days ahead of us, or are they behind us?
Ben Marks – founder and CEO of Blocktrade Capital – is staying positive, and chooses to believe that Ethereum and other forms of crypto will continue to flourish:
“The best gains are ahead of us. We’re still seeing volume and price spikes whenever a token releases good news, like Ethereum Classic recently announcing it’s been listed on Coinbase. Additionally, the Binance token has quietly outperformed other top 20 coins in the last month by a long shot.”
Marks continued by adding:
“This shows that the market is still stimulating retail investors, and they’re the ones who will drive the bull runs. For an extended bull run to happen, we need positive market news to continually outweigh negative news so that momentum doesn’t keep breaking.”
Others, however, find themselves leaning more towards the skeptical plane. Mary Saracco – blockchain entrepreneur and current chairwoman at Alcanzi Security – states:
“Even though there have been opportunities for substantial price gains in many cryptocurrencies for the last couple of months, the true gain in the long-term will happen once the technology is truly used for the well-being of the mainstream. It all depends on development of blockchain infrastructure. The use of blockchain for the benefit of the community is the core reason why we should keep on developing this infrastructure. Mass adoption is a central piece in the future of blockchain.”
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