Experts Believe Cryptocurrency Has Hit Bottom after Massive Selloff of Ethereum (ETH) In August

ethereum price increase

2017 was indeed the best year the crypto space had ever seen, specifically the last quarter of the year. The value of digital currencies soared higher and tested new highs. They even extended their gains to early this year. Bitcoin (BTC) surged to $20k from $6,600 in the space of one month. Ethereum (ETH) also tested the high of $1,500.

Nevertheless, as the year progresses, cryptos started losing their values bit by bit. At the time of writing, most of the coins have lost over 90 percent of their values from their all-time highs. Bitcoin (BTC) – the most dominant coin has lost over 60 percent of its value this year.

Back in August, Ethereum (ETH) lost a significant fraction of its value. Bringing the value of the coin down to a low which was last seen in July 2017. The recent price trend of Ethereum has made some experts believe that the digital currency market may have reached a bottom.

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Eric Thies Says the Digital Currency Market Have Hit a Bottom

Eric Thies – a well-known crypto analyst – said as Ethereum lost more than 50% of its value, he believes the digital currency market may hit the bottom. Since the digital currency declined below the $170 level, it hasn’t been able to recover over the $250 mark.

Last Year’s Bull Run Was Fueled by Ethereum Enabled Initial Coin Offerings

All through the Q3 and Q4 of 2017, there was a massive increase in demand and interest for ICOs. Blockchain projects raised more funds via token sales than from venture capital companies. Thies said that the enormous growth of the Initial Coin Offering sector greatly contributed to the massive rally of the crypto market, bringing the entire market cap to an all-time high of about $900 billion.

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Thies said since Ethereum (ETH), Bitcoin (BTC), and other digital currencies in the market have been stable in a low price range, the market will be able to collectively start a short-term rally. In order words, Thies is saying that the crypto market has hit a bottom and a short-term price rally is imminent.

POA Network Introduces a New Ethereum Blockchain Explorer – BlockScout

The POA Network recently introduced a fully featured block explorer for the Ethereum ecosystem called BlockScout. POA Network is an Ethereum-based platform that offers an open source platform for smart contracts.

BlockScout is a safe and easy-to-use tool. It lets users search and explore transactions, addresses, and balances on the blockchain of Ethereum, POA Network, and Ethereum Classic. This blockchain explorer lets users see detailed data on blocks, balances, transaction, and also token transfers in real-time. It also allows users to explore details that have already occurred on interactive interfaces.

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BlockScout offers developers and users a whole lot of features and functionalities. It supports ERC20 tokens, ERC721 tokens, as well as a flexible API. It also has smart contract verification, smart contract querying, and instant tracking of block confirmations.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$209.05
0.51%

Ethereum (ETH) is currently valued at $224 after losing about two percent of its value over the past twenty-four hours. Ethereum (ETH) currently boasts of a market cap of $23.04 billion and its trading volume over the past twenty-four hours is $1.41 billion.


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