- A massive drop in prices of Ethereum.
- The analyst believes they will never again reach $1000 even if BTC goes to $50,000.
- Many other altcoins are down to almost 99% of what they started.
The cryptocurrency market has been falling for over two years now with a huge decline in prices of altcoins like Ethereum whose prices once skyrocketed back at the pinnacle of the crypto bull run when Bitcoin’s price was almost $20,000 coupled with the increasing popularity of altcoins amidst investors.
Ethereum was extremely popular in 2017 which led to a massive increase in price from mere single digits to $1400 with a lot of buying pressure from a retail audience pushing the cryptocurrency sky-high. This was justified back then because blockchain was being used for Initial Coin Offerings (ICOs) which meant that investors who wanted to acquire new altcoins would invest in Ethereum.
Young investors were turning into millionaires and retail investors seeking to invest in the same with the hope that they would also become very rich. Ethereum was considered to be the future of finance and technology.
Ethereum, however, has sunk from the 2017 crypto bubble-era with it being traded for only about a $150 at present which is almost a 90% drop from its all-time high.
An analyst called Mac recently proposed that
“Ethereum won’t see prices anywhere near $1,000 again, even if BTC goes to $50,000.”
With unregistered ICOs being declared illegal there exists no unique selling proposition for Ethereum considering that the only reason Ethereum became so crazily popular is because of Initial Coin Offerings.
Bitcoin and different altcoins are still down altogether from their unsurpassed highs, be that as it may, most altcoins are down 80% or more, and have additionally lost noteworthy incentive in their BTC proportions.
It’s not simply Ethereum, either. Numerous altcoins outside of the main ten cryptographic forms of money by showcase top are down as much as 99% from their unsurpassed significant expenses – costs that are probably gone forever.
Therefore, unless anything massive triggers the need to purchase large amounts of altcoin, the analyst’s prediction might very well come true.