Ethereum still seems to be standing on unstable land while the price continues to plunge. It is a fact that in recent months things have not been exactly optimistic for this famous basic token of the Ethereum project. Investors had to challenge bears' aggression for months while the price of the Eth had a huge success in light of the various negative news highlighted on the cryptocurrency.
ETH at its lowest point
Despite the Ethreum project has made huge leaps in the development network, the price of the token continued to be battered by the bearish sentiment. At the moment, Ethereum is trading below the $ 200 threshold and in the $ 173 range, making it the lowest price for ETH this year
The sudden fall of such a highly regarded cryptocurrency (at least from the view of prices) has taken many by surprise, giving rise to different opinions of analysts, investors and even leaders of various sectors. Everyone seems to have their own theory of what is actually happening in Ethereum. Among the emotional noise, there have been some opinions that have attempted to logically explain the cause of Ethereum's market problems.
What Experts Say
According to Kevin Rooke, an encrypted researcher, ICOs are the main cause of Ethereum price decline. In a tweet, Kevin pointed out that this week alone, the ICO have downloaded about $ 30 million into ETH (153,000 ETH), and this is much more than it has ever happened in a week since March. Even more puzzling, and a fact that could create a bit of a panic, is the awareness that ICO still retain about $ 600 million in ETH in their accounts. This is more than 3,000,000 of ETH.
That said, the market remains in a state of uncertainty, because if those ICO decide to continue spending their ETH, the market price will fall to bears. If they do not, there is a great chance that the bulls can load up early and bring back the market value.
However, not everyone seems to be in agreement with Kevin's analysis, although it can generally be accepted that the Off had a role to play in the collapse of ETH prices. According to Nouriel Roubini, the collapse occurred because about 75% of DApps on the Ethereum network are basically crypto-kittens, casino games and Ponzi schemes. The remaining 25% is DEX, and nobody uses them.
In this way, Nouriel seems to be making an inaccurate assumption that DApps are really bad – which is not true. In fact, such apps, casinos and games can be a sure way to propagate the cryptography industry.