Ethereum News Update -The ICO boom in 2017 led to the rise of Ethereum. Then Bitcoin made a rapid rise to stardom. During this period, thousands of crypto projects created their decentralized assets on the Ethereum blockchain. The creation of these ERC-20 altcoins increased the demand for the blockchain’s native token, ETH. Consequently, the token’s price soared to as high as $1,420 per ETH.
Ethereum News Today – Ethereum Latest Update – Ethereum Price Prediction- Bitcoin’s Recovery Against Ethereum
The hype of the new industry and the influx of capital from retail investors, who anticipated high returns were the major triggers of the 2017’s ICO mania. However, the ICO boom ended soon as some of the Ethereum-based blockchain startups were either scams or crashed. Tokens of such unsuccessful projects drastically plunged when the bias flipped.
This development had a negative effect on ETH as the demand for the token to be used for funding the ICOs declined. Consequently, Ethereum price dipped from its previous all-time high by as much as 94%. Though Bitcoin recovered most of its all-time high, Ethereum is still down 85% from its recorded highest value. However, ETH may recover its lost value soon. Ethereum Price Analysis by crypto analysts revealed a potential pattern in the token’s price chart which suggests a 1000% increase against Bitcoin.
The king of cryptocurrency, Bitcoin reclaimed its lost gains when the ICO boom ended. Despite the rise in Bitcoin price, altcoins such as Ethereum are still 85% down from their highest recorded value. These other crypto assets may never hit a new all-time high if their current ratios with Bitcoins are maintained. However, crypto experts think otherwise.
Ethereum (ETH) Price Today – ETH / USD
A recent Ethereum Price Prediction by crypto analysts has given investors high hopes. The experts predict that Ethereum is likely to rise 1000% relative to Bitcoin. This suggestion sprouted from the discovery of a potential pattern in Ethereum price charts. This pattern may give a clue on the future of Ethereum price. Besides, two crypto analysts have separately shared a similar-looking chart showing past Ethereum low and high cycles.
Ethereum Price Analysis- Ethereum to Recover Its Lost Gains
Altcoins have steadily fallen in their ratios against Bitcoin since the beginning of 2018. Recently, these crypto-assets have started to capitulate as investors cashed out underperforming tokens and switched back to Bitcoin. Majority of investments on Ethereum during its rise were from bitcoin holders. However, these investors left ETH for the global leading cryptocurrency at the end of the ICO boom.
Back in 2017, the prices of altcoins like Ethereum, Litecoin, and Ripple rose during the “alt season witnessed by early crypto investors. The USD value of these crypto-assets increased as their prices rose against their Bitcoin ratios. Bitcoin had recorded a new all-time high after the ICO boom. Similarly, the altcoins have hit highs, both in USD and BTC values but have not fully recovered from the plunge that took place at the end of the ICO boom.
Another altcoin season may set in if the Ethereum Price Prediction concerning the patterns comes true. Ethereum is likely to make full recovery if an uptrend occurs. However, it may not be able to set a new USD all-time high if Bitcoin significantly plunged while the ratios still remain the same.