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About two years ago, the big cryptographic bubble of 2017 really started. Projects were tossing tokens for everything from mobile payments to dental hygiene, and nothing more than a white paper was needed to raise millions of dollars in cryptocurrency via an initial coin offer (ICO).
Ethereum was the platform behind the vast majority of these chip offerings, and Ether (ETH), the Ethereum's native token, was reaching unprecedented heights because of all the hysteria surrounding the buzzwords "ICO" and "smart". Contract."
And then everything is stopped.
The price of ETHs reached an all-time high against the US dollar in mid-January 2018, and according to Messari's OnChainFX, ETH is now down 86% from this record level.
In terms of Bitcoin (BTC), ETH reached an all-time high in June 2017. ETH is currently down just over 85% from BTC since that peak, according to the metrics.
In fact, the price of ETH in BTC was higher in March 2016 than today.
In June 2017, the theory that ETH would overtake BTC as the most valuable and popular cryptocurrency on the market also reached its peak. For example, here is a CoinDesk article explaining The flippening, That's the name used for the hypothetical scenario where ETH got the upper hand on BTC, a day after ETH hit its all-time record against BTC.
What happened to drift?
It's no secret that the vast majority of chips launched on Ethereum in 2017 were either bad ideas or scams.
Moreover, nothing clearly explained why a successful project with its own Ethereum-built token would necessarily result in an increase in the price of the ETH. For example, many people who adopt CoinCase and Circle's USDC Fixed Note should not necessarily result in a sharp increase in the price of ETH, those who buy and hold a cryptographic badet usually have the greatest impact on the price of this badet.
As indicated in a report by Delphi Digital Asset Research firm Earlier this year, many ICO projects continue to market ETH every month. In other words, many ETHs have been pulled off the market and placed in ICO's treasure in 2017. When the hype around ICOs is dimmed, the demand for ETH also strongly influenced demand.
So what happens next?
Decentralized Finance (DeFi) has outperformed ICOs as the main topic of Ethereum evangelists, but it seems that DeFi has not yet been able to compensate for the increase in supply from various ICO projects selling their ETHs.
The above-mentioned report by Delphi Digital also indicated that the ETH could outperform BTC the next BTC rally begins, but that has not happened yet, although the price of the BTC has almost tripled so far this year.
That said, it is possible that BTC is still in its infancy. A recent report from SFOX indicated that a continued downward trend could become a full-fledged FOMO retail investor this holiday seasonand Dan Morehead, CEO of Pantera think that a move to $ 42,000 could be considered before the end of the year.
Although ETH has fallen sharply compared to BTC in recent years, some of the chips built on Ethereum have outperformed BTC in recent months. For example, LINK was one of the two main tokens it was against BTC between April and July of this year. That said, while LINK was up more than 800% against the US dollar at some pointit has since decreased by about 33%.
In the future, it will be interesting to see if the Ethereum basecoat is enriched or if the money will go to projects built on top of the Smart Contracts platform.
If the campaign around DeFi succeeds, it should lead to an increase in the price of the underlying ETH token, as more ETH would be taken off the market for use in various DeFi applications. For example, if the MakerDAO experience works, a large amount of ETH will have to be blocked as a guarantee for the issuance of DAI stablecoin tokens.
Having said that, Bitcoin also has its own DeFi projects, including Abra and Money On Chain, which aim to provide stability through the BTC guarantee.
The next few years will be a test for the resilience of ETH. The BTC has repeatedly recovered from falls of 80% or more against the US dollar. We do not know if ETH can do the same thing in terms of the price in BTC.
In addition, unlike the price of ETH BTC, it has never fallen against the US dollar for three years.
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About two years ago, the big cryptographic bubble of 2017 really started. Projects were tossing tokens for everything from mobile payments to dental hygiene, and nothing more than a white paper was needed to raise millions of dollars in cryptocurrency via an initial coin offer (ICO).
Ethereum was the platform behind the vast majority of these chip offerings, and Ether (ETH), the Ethereum's native token, was reaching unprecedented heights because of all the hysteria surrounding the buzzwords "ICO" and "smart". Contract."
And then everything is stopped.
The price of ETHs reached an all-time high against the US dollar in mid-January 2018, and according to Messari's OnChainFX, ETH is now down 86% from this record level.
In terms of Bitcoin (BTC), ETH reached an all-time high in June 2017. ETH is currently down just over 85% from BTC since that peak, according to the metrics.
In fact, the price of ETH in BTC was higher in March 2016 than today.
In June 2017, the theory that ETH would overtake BTC as the most valuable and popular cryptocurrency on the market also reached its peak. For example, here is a CoinDesk article explaining The flippening, That's the name used for the hypothetical scenario where ETH got the upper hand on BTC, a day after ETH hit its all-time record against BTC.
What happened to drift?
It's no secret that the vast majority of chips launched on Ethereum in 2017 were either bad ideas or scams.
Moreover, nothing clearly explained why a successful project with its own Ethereum-built token would necessarily result in an increase in the price of the ETH. For example, many people who adopt CoinCase and Circle's USDC Fixed Note should not necessarily result in a sharp increase in the price of ETH, those who buy and hold a cryptographic badet usually have the greatest impact on the price of this badet.
As indicated in a report from Delphi Digital Asset Research Company Earlier this year, many ICO projects continue to market ETH every month. In other words, many ETHs have been pulled off the market and placed in ICO's treasure in 2017. When the hype around ICOs is dimmed, the demand for ETH also strongly influenced demand.
So what happens next?
Decentralized Finance (DeFi) has outperformed ICOs as the main topic of Ethereum evangelists, but it seems that DeFi has not yet been able to compensate for the increase in supply from various ICO projects selling their ETHs.
The above-mentioned report by Delphi Digital also indicated that the ETH could outperform BTC the next BTC rally begins, but that has not happened yet, although the price of the BTC has almost tripled so far this year.
That said, it is possible that BTC is still in its infancy. A recent report from SFOX indicated that a continued downward trend could become a full-fledged FOMO retail investor this holiday seasonand Dan Morehead, CEO of Pantera think that a move to $ 42,000 could be considered before the end of the year.
Although ETH has fallen sharply compared to BTC in recent years, some of the chips built on Ethereum have outperformed BTC in recent months. For example, LINK was one of the two main tokens it was against BTC between April and July of this year. That said, while LINK was up more than 800% against the US dollar at some pointit has since decreased by about 33%.
In the future, it will be interesting to see if the Ethereum basecoat is enriched or if the money will go to projects built on top of the Smart Contracts platform.
If the campaign around DeFi succeeds, it should lead to an increase in the price of the underlying ETH token, as more ETH would be taken off the market for use in various DeFi applications. For example, if the MakerDAO experience works, a large amount of ETH will have to be blocked as a guarantee for the issuance of DAI stablecoin tokens.
Having said that, Bitcoin also has its own DeFi projects, including Abra and Money On Chain, which aim to provide stability through the BTC guarantee.
The next few years will be a test for the resilience of ETH. The BTC has repeatedly recovered from falls of 80% or more against the US dollar. We do not know if ETH can do the same thing in terms of the price in BTC.
In addition, unlike the price of ETH BTC, it has never fallen against the US dollar for three years.
