Ethereum Might not Hit a New all Time High in 2019
Numerous bets are up and against Ethereum price hitting an all time high in 2019. During Friday's trading, the amount of short orders traders placed on ether attained a fresh all time high.The data shared by Bitfinex outlined that ether (ETH) surged beyond the 202, 854 prior mark to a new high of 208, 689 placed shorts. Currently, Ethereum is the second largest crypto coin by market capitalization, after Bitcoin.
The new data represents a week to week increase of 81.96% and a 162% skyrocket from mid August figures. These developments follow an immediate unfavorable week for the wider crypto market and for Eth, to be specific. Since September, 2018, Bitcoin has dropped by more than $1100. A figure that represents an approximately 15% drop. Within this drop duration, up to $40 billion was shed from the market cap of all existing digital currencies.
Ethereum’s performance has been way below expectations and therefore caused a few disappointments in the crypto market. Taking an observation back in time during the 2018 ICO craze. Ethereum topped major headlines with its revolution in dApps, smart contracts and it’s proof of stake concept blockchain. The blockchain also brought with it numerous other innovations that made it a darling to ICO investors. Therefore, despite the looming performance strain, several experts still believe that ETH price soar and surpass its all time high by the end of the year.
ETH Faces Criticism
Yet this prediction has been met by a lot of criticism. ETH all time high was an awesome $1,433. This major influence behind this all time high was the ICO craze that made numerous investors buy into the crypto. Therefore, without a major shift in focus from ETH decentralized applications network; a toppling by competitors is way into balance.For instance, ETH main competitors EOS and TRON have a much faster network in comparison to Ethereum’s torpid network.
The criticism alone is enough to beat the coin into submission given the negativity surrounding its performance. A closer look, it seems Ethereum could undergo a similar fate as suffered by other altcoins during the 2018 trade year. The signs include several network delays, massive amounts of wasted capital and a looming split in the face of launching Ethereum 2.0.
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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