Ethereum was ousted from the #2 cryptocurrency position by marketcap last month by Ripple’s XRP, and has been in freefall ever since. Ethereum is facing competition from a new, more secure cryptocurrency called “LindaX”, Ravencoin, EOS, STEEM Smart Media Tokens and potentially even Bitcoin. Despite the recent dethroning and massive competition, Ethereum is undervalued and will deliver handsomely to those who purchase this innovative coin now.
Ethereum’s marketcap and coin price have fallen with the broad cryptocurrency market. Bitcoin, the bellwether of the cryptocurrency market has seen it’s marketcap reduced from $110 billion to just $90 billion and Ethereum’s marketcap has fallen below $16 billion. Ethereum faced a fall from $1000/coin to less than $190/coin, and lost it’s second place in the cryptocurrency pecking order to Ripple’s XRP. Sentiment for Ethereum and it’s ERC20 tokens have been on the decline. The saving grace for Ethereum has been the adoption of two prominent ERC20 tokens (BAT and ZRX) onto Coinbase. A recent blow to Ethereum has been a move of 380,000 Ethereum coins from a genesis block wallet to another wallet that is speculated to be for sale. The price has responded in kind.
ICO scams, data breaches and bad press have dented Ethereum’s market cap. The unique value proposition of Ethereum has been versatility and its ERC20 token creation. Users and developers have used Ethereum to create Decentralized Apps or “DAPPS” and tokens to accomplish a task. High-profile coins like OMG, BAT, ZRX and the old EOS have been born out of the Ethereum coding. This value proposition has been eroded with the advent of more customizable coins. An example is STEEM’s Smart Media Tokens (SMT)
Ethereum is currently massively undervalued. Investors would be wise to purchase this bargain coin. Ethereum has a visible CEO in Vitalik Buterin, a solid use case and developers who support the price through innovation. Ethereum’s ERC20 tokens are easy to program and present a way to capitalize on the blockchain through customization. The Ethereum Project is very vital and plans for a proof of stake system are in place under Casper. Buying cheap coins now will let the owner of the coins produce more by holding them when the proof of stake system launches.
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