At press time, the world’s second largest cryptocurrency by total market capitalization is trading at a price point of $206.49— which is around 2% less than its relative value from yesterday afternoon. However, it now appears as though the public perception of Ether seems to be taking a turn for the worst, with many analysts referring to the currency’s success last year as a “bubble”.
Ether’s Value Has Dropped By Over 70% Since Late Last Year
As many of our readers already know, after climbing to an ATH of $1,200 earlier this year, ETH has had a rough going with the currency currently trading around tthe$200 mark— thereby showcasing a drop of more than 70% in its intrinsic value. The same trend is observable with Bitcoin as well, whose value too has dropped by more than 50% since last year.
In this regard, many crypto analysts are now saying that the ICO boom of 2017 created a sort of hype amongst entrepreneurs and get-rich-quick schemes which soon popped, thus leaving a lot of Ether backers licking their wounds. Similarly, as reported by NullTX earlier, as soon as ETH’s slide started earlier this year, many ICO projects started to dump their digital holdings in place of conventional fiat assets (thereby putting even more pressure on Ether’s value).
To put things into perspective, a report released by BitMEX last month showed that more than 200 ICO projects have already sold as much Ether as they raised in US dollars (which works out to be around $5 Bln).
Ethereum Foundation Announces Winners for its Wave 4 Grants
A couple of days back, the Ethereum Foundation announced the winners for its fresh wave of economic grants which are meant for those entities that are actively contributing to the Ethereum ecosystem in one way or the other.
In all, a total of 20 startups receive some sort of financial incentive, with some the primary recipients including established names like:
- Prototypal: The firm received a total of $375K for its R&D associated with Front-end state channels.
- Finality Labs: Received a sum of $250K for its R&D towards Forward-Time Locked Contracts (FTLC).
Other notable recipients included Kyokan, EthSnarks, ACCT, all of whom received amounts ranging between $40-$250K.
Lastly, it is worth talking about the recent Constantinople debacle wherein the Ether dev community could not implement its much-awaited hard-fork due to a bug that meddled with the network’s consensus algorithm.
In relation to this matter, Lane Rettig, a core developer for Ethereum, said:
“Apparently, in this case, there was some confusion over the meaning of terms like ‘transaction’ and ‘execution frame’ that may have contributed to the bug. In this case, it was necessary for nodes to turn off discovery entirely and manually enter a set of peers to get caught up to the right chain”
With that being said, it now remains to be seen how the Ethereum community comes together to sort out this issue.