As Ethereum (ETH) enters the true bear market, it returns to its lowest levels ever since the fall of 2017 gaining a small net since June 2017 even after it rose by above $1,300 and crashed to $400. ETH lost greatly after its peak BTC price last summer where it is now down to 50 percent from its 0.15 BTC to 0.074 BTC.
By an amount of $458.56, ETH recovered as it is now down by around 11 percent net only for this week. In the previous quarter, ETH was gone without a single net gain despite raising to above $830. But a curious trend now is happening where trading volumes keep returning back and the trading for ETH takes more than the 22 percent of the overall crypto trades. In addition, ETH followed its influence of the Tether (USDT) trading which has become an asset from Bitcoin which was previously supported but it moved to altcoins by the past few months.
Ethereum may become the next coin to take on the rising trend as it pushes higher from its lows. Yet the coin is still feeling pressure as it comes with an active selling which increases the volume by three months of record from the past few days.
The Ethereum network is now also faced off with the allegedly better system of EOS. But the comparison has raised criticism that Ethereum is also, in a way, centralized, and the influence of Vitalik Buterin is too significant.
Buterin is still looked up to for providing guidance and the Ethereum project has a centralized and planned timeline to develop into a different kind of digital asset, a staking coin. However, the ETH network so far has worked without a verification layer.
The influence of Vitalik Buterin was felt most significantly after the DAO hack when a hard fork and a rollback was proposed. Again, during the launch of Ethash ASICs this summer, the Ethereum community suggested a change of mining algorithm to disable the machines – but Vitalik Buterin spoke in favor of preserving the current condition.