The price of Ethereum seems to be experiencing a dead cat rebound (in the past, “the stock price rebounded quickly after a long period of decline, and then continued to fall”). Prices (in US dollars) are declining and are likely to return to the bottom formed in December 2018. However, Evan Van Ness, the developer of Ethereum, doesn't think so. He said on Twitter that the bottom of ETH has been formed and explained his point of view.
"I am talking about the bottom of ETH's price for BTC. As @ethereumJoseph likes to say, "The market is running in a cycle of fear and greed. "We have reached the lowest point of the fear cycle."
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He added that "in terms of the BTC price of ETH", the ETH price returned to the level of 2016. However, given the progress that has been made compared to 2016, this price has not been quantified. ”
Evan Van Ness added,
"Amazing is not only ETH 1.0, its second-tier solution is slow, but it will definitely happen, and the PoS chain will be released in the first quarter of 2020. Maybe it will come in January next year. "
As shown in the attached chart, the price of ETH is experiencing a rebound in the dead cat in US dollars, and may soon test the level of $190, but will even fall to $150. The ETH/BTC chart is completely another case. As of press time, ETH's bitcoin price has fallen below the December 2017 level and the transaction price is 0.02121 BTC.
The decline in bitcoin prices for competing currencies like XRP and TRX is mainly due to the sudden and rapid rise in bitcoin prices.
Eric Van Ness adds that
"Unbelievably: a few months ago, a key figure in the Silicon Valley community asked DeFi a major project: "Are you still using Ethereum?" "Of course," he replied. Other blockchains don't have this. Tools or interoperable applications. There is no alternative to Ethereum."