The majority of analysts in the cryptocurrency sector have attributed the decline in the price of ETH to the sell off of ERC20 blockchain projects that have raised millions of dollars in ETH in their token sales.
Depressing article if you've invested in ethereum like me, there seems to be no bottom for ether. One thing I learned a long time ago in the markets is never to try to catch a falling knife, ie, a stock that is in a downtrend and falling day after day, better to let it fall and start moving back up. I'm certainly not buying any more ethereum now!
Read the full story here..
https://www.ccn.com/ethereum-falls-to-185-whats-causing-eth-to-drop-harder-than-other-cryptos/
Ethereum down to $206
When the founder, Vitalik Buterin, says that the good old days are not coming back, I guess one should not be surprised that the good old days are not coming back. I watched the Bloomberg interview
https://www.bloomberg.com/news/articles/2018-09-08/crypto-growth-nears-ceiling-ethereum-co-founder-buterin-says
I have no doubt that the ICO model has cast the seeds of the decline. Good treasury management dictates that an ICO fund move its funds to a currency somewhat related to its upcoming costs rather than holding in a speculative balance.
I have been doing price comparisons between Ethereum and Bitcoin for some months now. In the early days volatility was always lower than Bitcoin - not any more. This weekend it was 3 times worse on Ethereum.
Will it come back? Yes, if someone launches a killer smart contract that gets massive traction and needs a lot of Ethereum Gas to run. As an investment vehicle it is hard to see while the ICO engine is still running
Well said. I was disappointed to read Buterin's comments, doesn't give one a lot of faith in Ethereum's future. :(
I remember reading about how Steve Jobs sold a bunch of Apple stock back in the early 2000's, I think, saying that the stock was a good price to sell, only to see it rocket higher right after. If he'd kept the stock, it'd be worth something like $10B today. So there may still be hope....
Just look at Minds.com as one example; the gas fee is so high that small transactions are impossible, thereby depriving such tokens of liquidity... and eventually of human interest. This is an aspect that Steemians take for granted - free transactions within the blockchain - but take a look around and it isn't a universal feature. (Sure, you pay to exchange, but that's different.)
On the subject of steem, what is your opinion of it going forward? Will it last? Where will the price bottom out? Are you buying more at $67?
erm... $67? you mean 67 cents!
I've just penned a short post... that is languishing in my editor!
When crypto market cap was hovering around $200bn and steem at $1 I thought if it didn't hold that the next leg down could be 50% - so I'm really looking at the market holding $120bn. I thought STEEM would thus bottom at 50 cents, but looks like may go lower. I wouldn't try to catch a falling knife - cliche' but true.
Lol, yeah, $.67, my mistake.
I read your post, makes sense to me. I wasn't around steem in April 2017 STEEM when it was around 25 cents. I may get a second kick at the cat, as they say.
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