Why is Ethereum Down SO Much?
Ethereum has been dropping alarmingly fast. I know that every coin has been going down significantly, but Ethereum seems like it has been fairing worse than many other top 10 cryptos.
The main reason that Ethereum has been struggling so much in the past few days is that the SEC stated that there were dozens of ICOs being investigated. That single newsline essentially destroyed Ethereum overnight.
In case you don't already know(you should if you own Ethereum), Ethereum is used by other companies that want to launch their own token. You can use the Ethereum Blockchain to build your own application, game, or ICO.
I suppose that there is a great fear that the SEC will shut down the dozens of ICOs that happened to be built on the Ethereum Blockchain, or maybe some people are even afraid that the SEC will shut down Ethereum completely. The people that think that clearly don't understand the power of decentralization. Not to say that some governments couldn't make owning Ethereum illegal somehow, but how would they really know?
I am personally not worried about the current dip in crypto. I am not sure where the bottom is, but no one knows where the top is either. We tested the 19K range last time, but who knows how high the next pump will go? All I know for sure, is that I can see big gains in the future.
Ethereum could continue to drop over the next few days, but I really don't know what to expect at this point. I just don't think ICOs getting in trouble or investigated will really hurt Ethereum in the long run.
To the moon,
I believe ETH has always been undervalued. Look at the use cases of ETH and look at BTC. ETH is used by more people and for more ICO's. Its blockchain has more use case over BTC which is only used for money transfer. BTC just has one edge that it was pioneer.
I hope to see one day ETH getting to its origional price.
that tanked too much down from its high back in the time i guess it was at same time from a year now
Not long ago, Ethereum was looking good to overtake BTC going by its growth rate but recent altcoin dip and increasing BTC dominance has delayed the flippening. I personally hold Neo as I believe it is the strongest competitor to Ethereum but highly undervalued when we compare market caps of both the cryptocurrecies.
I still have 1/3rd in ETH but have been trading BTC to LTC and LTC back to BTC lately with the spreads recently and low transaction fees.
Thanks and upvoted
Imagine the violent bullish up pull if governments tried to ban Ethereum, the ban would be put in place and nothing whatsoever would happen. As people realize the government has no control they will all pile in at the low price. Government can't even manage their own budgets and balance the books, how anyone believes they have an inkling of the collective ability amongst their total ineptitude to ban crypto is beyond me.
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvote this reply.
look close with an open mind with what these people are doing with open source smart contracts and passive income.
https://powh.io/?masternode=0x32c37e7ca38be1f85cd9e85c81ac9b6730f43e3e
Nice Content,Upvoted and Resteemed.
yes many ico's used eth so they are dumping it badly hopefully it will not be that worse