ETH in the red this morning as it suffered losses along with all cryptocurrencies. The second largest cryptocurrency by market cap dropped down to $851.05, a loss of 5.04 %. The market cap is at $83.2 billion at present and there was trading of some $2.2 billion on exchanges last 24 hours.
The cryptocurrency was holding on at $900 mark in February despite drop to $585 on February the 6th. The ETH price has dropped below $900 mark again today and all cryptocurrencies have suffered the same losses.
Bitcoin saw a drop down 2.85% and is at $11,175.70 price.
It’s not certain why all cryptocurrencies have dipped today, market volatility is indeed high today.
Interestingly enough, the dip came after President Nicolas Maduro announced that Venezuela received $735 million in first pre-sale of countries first cryptocurrency “Petro”.
The Petro token was created to help the country out of an economic crisis and is an Ethereum based token.
According to Dr Daniele Bianchi that the Petro will be introduced through pre-sale offer at a discount, just like an Initial Coin Offering.
Dr Bianchi said the the Petro is actually an Ethereum based token like others on the ICO eco-system and not cryptocurrency.
Analysts are however saying 2018 could be the year for all cryptocurrencies.
The Ethereum Network will be impacted by ICOs as they require large amounts of Ether. This will increase the demand for the platforms token. The larger legitimate ICO exchanges will make Ether in demand. There are already billion dollar ICOs such as Kodak and Telegram who are invested in Ether.
There is a possibility we could see market cap for Ethereum rise to $200 billion by year end from low of $90 billion. The cryptocurrencies price could double to $2,000.
There will always be skeptical crypto bubble blowers, as prices shift or market fluctuates. Pundits are quick to drop the bubble burst and call it the end. Somehow the market would recover leaving the skeptics very quiet and the bubble burst theories dormant.
Read more at: