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Cryptocurrency markets have increased since last week, gaining over $ 40 billion in market capitalization. Ethereum has almost doubled the price from its previous level of $ 80, currently trading at $ 147. Is the cryptographic fund really over? The co-founder of Ethereum thinks it is.
Joseph Lubin officially called the 2018 fund on December 21st on Twitter:
I am calling the criptobottom of 2018. This fund is marked by an epic amount of fear, uncertainty and doubt on the part of our friends in the seals of the 4th and the crypto-fifth.
– Joseph Lubin (@ethereumJoseph) 21 December 2018
So far its prediction seems correct, we hope it stays that way. Erik Thies agrees that there is a strong case for the Ethereum fund, providing the following table:
$ ETH #Ethereum making its first most significant high in over a year, PLUS close to record volume.
It should be revisited in a region from $ 110 to $ 125, but here is a strong case in which ETH has hit the bottom just in time for its January fork / upgrade. pic.twitter.com/GweJDU3bvi– Eric Thies♕ (@KingThies) 24 December 2018
Furthermore, Crypto Goat points out that the last time that Ethereum saw this type of purchase volume, the cryptocurrency has quintupled in its BTC value. This is a fairly significant observation that could support the argument that ETH actually touched the bottom.
The last time we saw this type of purchase volume $ ETH he went x5 against $ BTC pic.twitter.com/pyEVdQlUz8
– Crypto Goat (@the_cryptogoat) December 23, 2018
Ethereum to start competing with XRP?
A news that could push Ethereum to earn two figures is the launch of the Raiden network on the Ethereum platform on December 21st. Raiden announced the release of their "Red Eyes" alpha payment channel network.
We are pleased to announce that the "Red Eyes" alpha trial version of Raiden Network is now available on Ethereum mainnet! https://t.co/iJnAMn68Hp
– Raiden Network (@raiden_network) 21 December 2018
If you are not familiar with Raiden Network, this is a platform based on smart-contract that introduces high-speed transfers on the Ethereum blockchain, competing effectively with XRP.
The launch of the alpha version of the protocol is extremely relevant to current market trends. We have seen the price of XRP sustain huge gains recently due to their partnerships with financial institutions due to Ripple technology. If Ethereum can start competing with Ripple's customers, it could be a turning point that can catapult ETH into second place.
#ETH vs #XRP #Ethereum soon again in 2nd place !? 🧐 pic.twitter.com/jmdbAHjwEz
– Vanessa ₿ (@CryptoVanessa) December 23, 2018
Although the recent upward trend is exciting, we must take into account the movement of the market. The ATH of Ethereum was around $ 1390, the current price of $ 147 is only 11% of the all-time high. For a real bull run, the markets of Ethereum and cryptocurrencies as a whole still have a long way to go.
Perspective: 7 days ago #ethereum it was down 94% from ATH. To date it has increased by 52% in the last week. $ ETH has just come down 91% off ATH {high time} #Bitcoin $ BTC pic.twitter.com/SdZxZcYY2H
– Crypto Hud 👨🏻💻 (@BitcoinRacoon) December 23, 2018
The good news is that, with such a high volume of purchase that has not been seen for months, something is brewing. Whether it's the Christmas spirit or the end of the year, the crypto markets have recently been blessed with the bulls. 2018 was a roller coaster and a difficult year for many owners, traders and companies. We can only hope that the year will close at least on a good note.
This article would not be complete without one of the CryptoChimp memes, after all laughter is the best care for the bear market (hopefully above):
📂 Crypto
└📁 2018
└📁 Profits
└⚠️ This folder is empty– CryptoChimp (@Cryptanzee) 22 December 2018
Disclaimer: this is not about trading or investment advice. The article above is for entertainment and training purposes only. Please do your own research before buying or investing in any cryptocurrency.
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