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The price of the Ethereum plunged to its lowest level for seven months against the value of bitcoin.
The price of the Ethereum drops to its lowest level of the last seven months
The last two months have been disappointing for etheric investors. Since nearly $ 400 in early September, the price of Ethereum has demonstrated its inability to rise a steady $ 300, even though bitcoin has hit record highs almost every week.
Ethereum made a move Thursday, but it was not in the direction that investors would prefer. The price of the Ethereum dropped by 6% as traders liquidated their holdings to add more fuel to the uptrend of bitcoin, forcing it temporarily to under $ 280, although it went back up at around $ 290.
Source: Bitfinex
However, the situation seems much more serious after examining the ETH / BTC price trend. It's no secret that bitcoin has consolidated its position as a dominant cryptocurrency; At present, Bitcoin controls about 63% of the total capitalization of crypto, and this number has steadily increased over the last few weeks. However, the Ethereum was dangerously close to "flippening" – raising its market capitalization above that of Bitcoin and becoming the largest cryptocurrency – we could have expected it to happen. is more resilient than the legion of altcoins with much smaller market capitalizations. This has not been the case.
Hope on the horizon
Nevertheless, while the short-term performance of the ethereum has fizzled, investors have reason to remain optimistic about the platform's long-term prospects. Although stifled by the massive rise in bitcoin prices, this week's Devcon3 conference will likely shed some light on the future of cryptocurrency.
On Wednesday, Vitalik Buterin presented a multi-year roadmap that explains some of the issues the platform faces – including scalability – and how the developers intend to solve them. In addition, Vlad Zamfir has published a draft white paper for Casper, the stake proof consensus mechanism that developers have been viewing for some time now. Many of the projects discussed at Devcon3 will take months or years to come to fruition, so it is too early to predict when the price of the ether will be on the rise. However, current investors should continue to look towards the future with optimism.
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