RE: Crypto Space BLEEDING OUT? BUCKLE UP - recent correction AIN'T OVER just yet [my personal expectations]
There is two main factors... A lot of cryptocurrency projects have folded recently and that means there was and will be a lot of pressure on BTC, LTC and ETH as those three currencies are used as a ramp when cashing out crypto held by coin developers.
I have heard from people that Bitcoin is more likely to climb up than drop in near future, but eventually there will be another correction to about 17.5k USD.
Out of over 2000 cryptocurrencies, less than 50 are active and based on CryptoNote technology... Rest are either based on Bitcoin core, smart contract platforms or tokens on smart contract platforms...
Ethereum is losing userbase fast even though the switch to Proof-of-Stake is getting closer and closer. Main alternatives currently seem to be Tron and Binance Smart Chain, although there is quite a lot of reasons why Binance Smart Chain is not better choice than Ethereum. There just isn't enough public nodes for BSC and development team discourages setting up public nodes and recommends everyone to run their own nodes instead...
Setting up own nodes cost considerably more money than renting capacity on public nodes. For Ethereum, Infura has been main provider for blockchain access to new projects.
The second factor that affects price of Bitcoin is institutional investors... There has been a lot of interest in institutional investors as they have bought more BTC than has been mined and the trend might continue for a while before BTC value will reach the critical point where the institutional investors start to cash out profits.
BIG THX you for sharing your thoughts @mtl1979
Solid upvote on the way :)
Oh. I wasn't aware. Why is that happening?
Compared to other smart contract platforms, the fees are a lot higher on Ethereum blockchain.
As a developer, I don't see any useful new standards since ERC20, most of the more recent ones are too restrictive and focus on NFTs only, even though wrapped tokens are the future due to decentralized exchanges gaining more popularity as centralized exchanges seem to have stopped listing cryptocurrencies and have higher fees for tokens.