All of the crypto-currencies were suffered from the declines in the last 24 hours. Even the flagship crypto money Bitcoin has been depreciated by 5%. While I am preparing this post, Bitcoin is slightly gaining strength and fluctuating around 6,370 USD levels. After the decreasing of total crypto market value under 200 billion USD down to 191 billion USD, Bitcoin share reached 54.5%. Naturally, ETH (Ethereum) has been affected by the bearish market, and its price also decreased.
BTC (Bitcoin) Price Chart 14-15-August-2018
ETH (Ethereum) price has decreased by 82%!
ETH (Ethereum) was one of the most significant losers of the current losses. Although Ethereum is the pioneer of the “Smart Contracts“, its price dropped below 300 USD levels. And recently it is traded at 284 USD levels. Ethereum has lastly realised the same levels of September 2017. From the January peak price of 1,400 USD, ETH has already lost 82% value.
ETH (Ethereum) Price Chart 14-15-August-2018
Clement Thibault who is one of the experienced crypto analysts stated that:
I only believe that we witness the continuity of the crypto markets. Bitcoin (BTC) formerly realised a bearish market move which caused a decrease of 80% from its value. So, these fluctuations are not new to us. When I look forward, I can clearly see that we are approaching to the end of the bearish trend. I can also observe that Bitcoin and all other altcoins continue to decline just before making a return back.
But when will the Ethereum price move up?
There is one thing which can assist ETH (Ethereum) price for today and in the coming future. To increase the usability of Ethereum in the blockchain world, the scaling problems of the network should be eliminated. Since the occurrence of the parity event, there has been a negative look among Ethereum. Additionally, Zilliqa, EOS and TRON (TRX) have been attracting the interests of investors and decentralised application developers.
Below are the scaling solutions which can be applied to Ethereum network:
- Sharding: Finding a remedy for network busyness by splitting into smaller groups with the help of “Node” transactions.
- Raiden: Making Ethereum out-of-block scaling by the aid of “state-canal technology“.
- Plasma: Generating hierarchical chains in the Ethereum network by using a series of smart-contract.
To be noticed that Tron, Zilliqa and EOS are the parts of the Ethereum platform but they have improved so much and became a competitor against Ethereum. It is the right time for Ethereum to make people remember that it is the king of the smart contracts.
