In the last 24 hours, the digital asset market valuation has increased by $5 billion which demonstrates a partial recovery from the former $106 billion to the $111 billion it stands presently. It appears that Ethereum (ETH) and Bitcoin Cash (BCH), despite this market recovery, continue to trade in the red and to lose value every day. According to recent reports from the charts both digital tokens recorded 3% decline in value against the USD.
As of Dec. 9, Ethereum’s price fell by 3% from $97 to $93. This means it failed to sustain the minor momentum it garnered due to an unforeseen recovery the token experienced on Saturday. Ether has lost value by about 6% “against the USD from $100 to $93 since its daily peak. While it’s counterpart Bitcoin Cash (BCH) has demonstrated a decline in short-term price movement. The token lost close to half of its total value in just two weeks. As of Nov. 6 Bitcoin Cash (BCH) price has declined by 50% from $200 to $100 against the USD.
Ethereum (ETH) Price Today – ETH / USD
Why Has the Change in the Market Not Helped the Case of These Two Tokens?
The gap between XRP and Ether has now widened even further. XRP recently overtook Ethereum (ETH) as the second most valuable digital asset in the global market. Now XRP’s valuation has increased to $3 billion in only three weeks. Although technical indicators show oversold conditions, however, the sheer intensity on the drop in price of the two digital currencies has made the atmosphere difficult for these assets to recover or maintain a low price position.
There is a possibility that as investors in the crypto space resort to fundamentals, virtual currencies that have been struggling to see a noticeable boost in accessibility, adoption, and usability have fallen harder than Bitcoin (BTC).
Ethereum’s Bid to Create a More Efficient Software Has Failed
For example Ethereum (ETH), considering the case of ConsenSys, arguably the largest blockchain software startup around the globe, has attained a measure of success when it comes to creating a more efficient infrastructure for the deployment of dApps to an extent, but has also struggled to see the same level of progress in the Sharding, Plasma, and Casper projects.
Ethereum’s ERC20 tokens have also failed to impress. These products haven’t shown any sign that they can be run by casual users as well as the mainstream. Seeing a lack of the implementation of dApps along with a decentralized system, the co-founder of Ether Joseph Lubin who is also the founder of ConsenSys, said the company would be moving forward and start focusing on developing products that can be used by customers in the ecosystem.
As for Bitcoin Cash (BCH), there has been a limited number of merchant adoption it tackled launched. These problems haven’t helped these tokens.
Bitcoin (BTC) is Likely Going To Survive Better in a Bear Market
With major large-scale financial institutions including Nasdaq, NYSE, ICE, and Fidelity Investments all looking to build infrastructure based on Bitcoin first, the dominant digital asset is expected to keep outperforming both major virtual assets and smaller market cap electronic currencies in the bear market. Hence, it is safe to say that BTC will survive any bear market onslaught.