Cryptocurrency markets have been on a rise since last week, gaining over $40 billion in market capitalization. Ethereum has nearly doubled in price from its previous level of $80, currently trading at $147. Is the crypto bottom really over? Ethereum’s Co-Founder thinks it is.
Joseph Lubin officially called the 2018 bottom on December 21st on twitter:
I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.
— Joseph Lubin (@ethereumJoseph) December 21, 2018
So far his prediction seems correct, let’s hope it stays that way. Erik Thies agrees that there is a strong case for Ethereum’s bottom, providing the following chart:
https://twitter.com/KingThies/status/1077040169356713985
Furthermore, Crypto Goat points out that the last time Ethereum saw this kind of buying volume the cryptocurrency quintupled in its BTC value. That is quite a significant observation that may support the argument that ETH has indeed bottomed out.
The last time we seen this type of buying volume on $ETH it went x5 against $BTC pic.twitter.com/pyEVdQlUz8
— wolf_goat $HATI $FLUID (@the_cryptogoat) December 23, 2018
Ethereum to start competing with XRP?
One piece of news which could be pushing Ethereum into the double digit gains 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 excited to announce that the alpha testing release “Red Eyes” of the Raiden Network is now live on the Ethereum mainnet! https://t.co/iJnAMn68Hp
— Raiden Network (@raiden_network) December 21, 2018
If you aren’t familiar with the Raiden Network, it is a smart-contracts based platform that introduces high-speed transfers on the Ethereum blockchain, effectively competing with XRP.
The launch of the alpha version of the protocol is extremely relevant to current market trends. We have been seeing the XRP price sustain massive gains recently due to their partnerships with financial institutions because of Ripple’s technology. If Ethereum can start competing for Ripple’s clients, that may well be a game changer which can catapult ETH back to the number two spot.
#ETH vs #XRP #Ethereum soon back on the 2nd Place !? 🧐 pic.twitter.com/jmdbAHjwEz
— Chihiro ♀ (@CryptoChihiro) December 23, 2018
As exciting as the recent bull run is, we must keep the market movement in perspective. Ethereum’s ATH was around $1390, the current price of $147 is only 11% of the all time high. For a true bull run to form, Ethereum and cryptocurrencies markets as a whole still have a long way to go.
Perspective: 7 days ago #ethereum was down 94% from ATH’s. As of today it has increased 52% in the last week. $ETH is only down 91% now from ATH {all time highs} #Bitcoin $BTC pic.twitter.com/SdZxZcYY2H
— Púca – NFT Collector (@CryptoPuca) December 23, 2018
The good news is, with such high buy volume that hasn’t been seen in months something is brewing. Whether its the Christmas spirit or the end of the year, crypto markets have recently been blessed with the bulls. 2018 has been a roller coaster and a rough year for most crypto holders, traders and businesses. We can only hope that the year will at the very least close on a good note.
This article wouldn’t be complete without one of CryptoChimp’s memes, after all laughter is the best cure for the (hopefully now over) bear market:
📂 Crypto
└📁 2018
└📁 Profits
└⚠️ This folder is empty— CryptoChimp (@Cryptanzee) December 22, 2018
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Image(s): Shutterstock.com