Ethereum (ETH) is second in terms of total market capitalisation among the hundreds and thousands of cryptocurrencies in the market, second only to Bitcoin (BTC). Bitcoin still majorly outperforms Ethereum, with 1 BTC = 52.87 ETH. In fact, Ethereum experienced an all-time high of $1,448 in January 2018 but has fallen by more than 85% since then, now trading at $213. It, similar to all cryptocurrencies who declined massively in wealth following the Bitcoin-hype of 2017, has been struggling to regain its footing.
Ethereum started on a good note in August, touching the $230 mark last week after riding on the coattails of the Bitcoin surge due to US-China trade tensions. However, it had been on a downward swing, losing quite a bit of momentum. Analysts believe that Ethereum habitually bounces back quickly, and many believe that Ethereum will experience a bull run in the medium run.
It seems that members of the Ethereum community echo this sentiment. There was recently an Ethereum-related poll on Twitter, which has a thriving cryptocurrency community. The question asked, “Will ETH ever trade above $1000 again?” It had a whopping 5,410 votes, of which 88%, or 4,760 responded either “Yes” or “No”, with the remaining wishing to view the results. Such a massive number shows that the results can roughly indicate community sentiment towards the Ethereum platform. Roughly 30% of the respondents voted “No”, with the remaining believing that yes, Ethereum will eventually cross the $1000 mark.
In replies to the tweet, there were some arguing that it is the second biggest cryptocurrency and it will definitely increase by 5 times its current value. Another user stated that it will reach $10,000 before 2022, with someone else replying that it’s highly possible that it will reach this mark much before that.
In the past 24 hours, it has gone up by 1.46%, and is no longer flashing red. Only time will tell, however, if it can ever rise to its previous heights.