Ethereum is currently trading around $ 530. It is down significantly from the recent highs which it has created around $ 950. Many people think that the Ethereum bubble is burst. People also believe that most of the cryptocurrencies will not be able to rise further.
Ethereum price increase:
Recently, the CEO of Ethereum defended the cryptocurrency. He clearly mentioned that the comments that cryptocurrency bubble is burst are shortsighted. He was also very clear to point out that there is no bubble in cryptocurrency. According to him, cryptocurrency Ethereum has some real value as well. The platform is used by various other companies in order to utilize the blockchain as well. This is one of the main reasons why cryptocurrency Ethereum holds value.
Joseph Lubin, the co-founder of Ethereum, stated that Ethereum will continue to focus on a decentralized ecosystem. With the help of the decentralized ecosystem, various applications can be executed quite easily as well. The fundamentals of the ecosystem are completely strong. This is the reason why he believes that Ethereum will rise again soon.
According to him, there are thousands of different applications which are using this platform. This is the reason why the potential of this platform will continue as well.
He was pretty clear in pointing out that, most of the cryptocurrencies are falling across the board. He thinks that the downturn in the cryptocurrencies is what is dragging Ethereum down along with it. That is why Ethereum will rise in the future as well. If indeed, the platform gains more and more traction, the value of the cryptocurrency will also increase as well.
Since his comments, Ethereum has risen by around 5%. Currently, it is trading around $ 530. It remains to be seen whether it is able to rise further or it will continue to fall once again. Most of the other cryptocurrencies are off the lows as well. This can be an impulse or this can be the beginning of something bigger. It remains to be seen whether the momentum follows this rebound of most of the cryptocurrencies from the bottom or not. If indeed, it is something bigger, the cryptocurrencies will rise further. This will also mark a positive turnaround in most of the cryptocurrencies as well. Currently, they are at the lows which they created just a couple of months back. This is the reason why nothing is clear regarding the future trajectory of Ethereum as well as other cryptocurrencies.