Ethereum co-founder Vitalik Buterin is of the opinion that the cryptocurrency market is not able to experience an explosive upward rise similar to that observed at the end of 2017. The "gold rush" is in the past and now the average person is aware of the blockchain and digital currencies, thus canceling the surprise element of last year.
Cryptocurrency Growth Based on Marketing is a No-Exit Strategy
Vitalik Buterin, co-founder of Ethereum, attended a conference on Ethereum and blockchain in Hong Kong, when he told Bloomberg that the opportunities for growth of 1,000 times in the cryptocurrency market are no longer available.
The blockchain community is at a new level of growth, which is based on the adoption of real applications by real people instead of spreading the news to new enthusiasts willing to invest in digital resources.
"The blockchain space is coming to the point where there is a ceiling in sight." If you talk to the average educated person at this point, they probably heard about blockchain at least once. still an opportunity for a further 1,000-fold growth of anything in space, "said Buterin, explaining that the blockchain community's marketing strategy in the first six or seven years" is coming to a standstill " .
Now it is up to the blockchain ecosystem to strive to engage people who are already interested in cryptocurrencies as consumers of blockchain products in real life. "It moves from people interested in the real applications of real economic activity," he said.
Ethereum is a public open source, distributed, open source computing platform based on blockchain that allows developers to create all kinds of applications without the risk of intermediary or counterparty. The "next level" that Buterin spoke in the interview could ultimately represent a bullish case for ETH if developers "en masse" decided to go with Ethereum to build their platforms. But the network, once innovative, is now facing increasing competition.
While the real and massive adoption of blockchain products has yet to take place, the price of Ethereum faces a bearish storm since it closed the $ 1,375 at the start of 2018. In September, the cryptocurrency yielded to downward pressure and lost the $ 300 handle. Ethereum is now trading slightly above $ 200 at a critical time for the digital currencies market.
"ETH has lost another 4% on the day and is just under $ 220, a fall below $ 200 could be very negative for the second largest crypt in the world," reports NewBTC. Bloomberg Intelligence's commodity strategist, Mike McGlone, expects Ether to fall further to a $ 155 "support target against increased competition, market volatility and a growing industry."
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