At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is trading for roughly $275. This is about $15 less than where it stood yesterday afternoon, and more proof that Ethereum just can’t seem to hoist itself out of the mud.
It’s very hard to predict what’s going to happen, here. As one source puts it, we’ve been playing a hard game of “altcoin hot potato.” Coins go up, they go down. They just seem to bounce around without warning and without reason, and Ethereum is no exception.
Just a few weeks ago, the primary altcoin in the cryptocurrency arena was trading for just over $500 – a nice little step up from where it is now, and to see it drop by more than $200 in such a short amount of time is no doubt discouraging.
But where Ethereum always seems to have an advantage is in who’s backing it. The team behind Ethereum is considered one of the most rock-solid teams in the virtual asset space. As we all know, Vitalik Buterin is one of the currency’s co-founders. The 24-year-old Russian-Canadian tech entrepreneur, according to Vice Motherboard’s associate editor Jordan Pearson, is an “unlikely leader,” and the “reason why so many people are attracted to the Ethereum project.”
In a recent post, he writes that Buterin strives to “shift the story to ‘the protocol will succeed because of myself, plus all these other people who are capable of moving things forward.’”
Jason Hsu – whom Buterin has nicknamed the “Crypto Congressman” – is president of the Taiwan Parliamentary Coalition for Blockchain & Industry Self-Regulatory Organization. Speaking at a Berkeley-hosted event, he said of Buterin:
“The industry needs a correction of course, as too much money comes too quickly. I feel too much focus is on the price of crypto, and not enough on the executions of projects. I’ve known Vitalik for over a year and see him as the guardian of Ethereum. It’s important to think the force driving cryptocurrency shouldn’t just be money-seeking, but rather we should think how blockchain technology will bring about a fundamental shift in the way our trust system is built.”
By contrast, Arthur Hayes – the CEO of BitMEX – believes that Ethereum is a poor asset and says that all ether coins will be “thrown out soon.”
While it seems hard for industry leaders to come to a shared conclusion regarding Ethereum and which path it will take, the fact remains that it is still the world’s leading altcoin. As other coins like EOS begin to move up the financial ladder, however, it will be interesting if it is Ethereum or some other currency that manages to challenge bitcoin’s ongoing rein.