At press time, Ether, the world’s third-largest cryptocurrency by total market capitalization is hovering just above the $100 mark at a price point of $105.96. This showcases yet another price drop of around 4.45% for ETH since yesterday afternoon, a time when the premier asset was trading for $118. As a result of this, Ether’s market cap has been further reduced to a depressing USD $10.72 Billion.
Vitalik Buterin: Misapplication of Blockchain Tech Leads to ‘Wasted Time’
As many of our readers may already know, the Ethereum ecosystem has been designed in a way such that it can either be used either as an isolated programming interface or as a dApp development platform. However, over the course of the past few months, more and more companies are trying to implement novel blockchain protocols into their existing governance frameworks. As a result of such activities, Vitalik Buterin, recently went on record to say that “blockchain is best suited for niche market spaces” including the crypto and payments domain.
Also, during the above-mentioned interview, Buterin added that he is “concerned” as to why big-name players such as IBM are trying to monopolize the crypto sector as well as launch their propriety blockchain systems. This is because IBMs blockchain ecosystem will definitely lack a high level of decentralization, an aspect which over the years has become synonymous with the technology.
ETH: A Technical Outlook
As things stand, the ETH/USD pair is currently experiencing a major economic downtrend which means that more bearish pressure could be on the cards soon. Since last week, the currency has already dropped by a whopping 29%, with many market analysts even claiming that if this current pressure persists, Ether could drop to as low as $38 in the coming few days and weeks.
Moving forward many experts are saying that the prevailing market conditions will last for a period of at least 6 months. Following this timespan, it is possible that the crypto market as a whole (especially Bitcoin) will once again start to garner traction and move in an upward financial trajectory.