Whats The Deal With EthereumsteemCreated with Sketch.

in cryptocurrency •  29 days ago

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Well Ethereum got a pretty nice update here recently and honestly I thought myself this would at least jump the price a bit. However it has done the complete opposite and the price has gone from about $305 on average to what we see today right now at $277. So whats the deal with Ethereum and why could the price be playing out this way?

Bitcoin

With bitcoin has nothing to do with Ethereum we have seen a massive swap in market cap out of altcoins and into bitcoin. Currently bitcoin sits on a massive 58.5% of the crypto market up from its lows of about 40% this shows a huge move of money back into bitcoin which possible could be fueled by the two upcoming events the news has been mostly covering of Segwit2x and Bitcoin Gold.

While Ethereum has a big update it really got no news headlines instead it was dwarfed by bitcoins two above things happening Bitcoin gold in 2 days October 25th 2017 and Segwit2x some time in November.

Already Known about

Lets be fare everyone knew Ethereums hard fork was incoming and already knew all of the updates that where going to happen. This very well could have sparked a buy in Ethereum and triggered the price jump ahead of the hard fork. Also when people hear hard fork now they almost always expect for their to be free coins involved now due to what happened with bitcoin and bitcoin cash. This did not happen with Ethereums hard fork and perhaps was a let down to some investors.

Possible Breakout To Come

Ethereum while it did have many updates none where really dramatic they where more stepping stones to get to the dramatic stuff. This will all be happening later in such massive updates such as Casper where it will change Ethereum to POS. (The more Ethereum you have in your wallet the more chances you have to be able to mine some yourself) This will create a buy and hold mentality to Ethereum which should drive the price up after this bitcoin craze to somewhere in the $500 range.


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I think one of the reasons the price dont go up is because ICO's selling ETH to get fiat to pay development costs.
Thanks for the post, really good information

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Great post! You have thought well that people may have expected a new free coin with Ethereum Hard fork, but they were disappointed with the outcome and were jn a hurry to sell. Still Ethereum has a hudge potential

The issues with the parity wallet will not be good for ethereum. But perhaps the price will increase after all attention moves away from this Segwit2x business with bitcoin.

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Ethereum just fell from nearly 300 € in value to 230 € value do you really think it will grow that fast again?

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$230 was a long time ago (in crypto market talk lol) but yes $300 seems like the stable part and once casper comes out and some other updates after all this bitcoin hard forking is done it should be in the spotlight again and increase in value.

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ah euros lol talking about USD here

good job

Everyone is hanging on bitcoins jockstrap lately. That's all right though as it looks like the price is starting to head south for bitcoin and north for Ethereum even before the bitcoin gold fork.