Rumours within my inner circle Crypto chat groups has recently indicated the price of Ethereum could drop to double digit in the up and coming weeks. Although these are potentially speculations, lets list out some reasons which may have lead to the drop of Ethereum.
ICO Dumping 160,000 ETH SOLD
Ethereum went from $20 last year to $1,100, that’s a 55X increase in return had you invested earlier in 2017. The growth of ETH last year was driven by the excitement of dAPPS ICO funding on the Ethereum network. When the ICO’s need to convert their funding’s into workable fiat then the price of ETH will come down. In September ICO sold 3x more than they did in August according to TrustNodes during the 13 September distribution. This is 160,000 ETH or $32 million USD in a matter of 10 Days! ICO Ventures sold 82,000 ETH on 4th September during a decline in the Crypto market.
283,000 ETH SOLD during squeeze time
The total aggregate sum of Ethereum sold by ICO’s during time of correction in recent weeks total around 283,000 ETH around $58 million USD during squeeze time.
Ethereum is no more “The Best” decentralized protocol
Move aside Ethereum and say hello to the new kids on the block. Having raised the biggest ICO ever at $4 billion it was a case of used and abused raising cash on Ethereum and switching on the EOS Mainnet. This provided Block One with a $1 billion war chest which rumour has it been converted into fiats or alternative investments. EOS which can handle up to 1 million transaction per second vs Ethereum’s 25 second. Recently EOSBET done a BETA on both platforms and ultimate settled for EOS due to the transaction per second user experience.
ETH Mining is no longer profitable
Mining ETH has become next to non-profitable for miners. Mining equipment, software and the setup takes far more cost than the value of ETH. With Ethereum transitioning from POW to POS soon the Ethereum’s Casper POS would reduce block time from 15 seconds to around 3 seconds as a result will increase the transaction capacity.
ETH dApp a pain for developers
Ethereum developers have to master the Solidity to program smart contracts which is a rare talent in the world of Developers. EOS has made building a dAPP as simple a s ABC and will have a wider pool of developer talent to build quality apps.
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Nice one, it really doesn’t look good for ETH, and they dont have much in the pipeline to change that, Shardig and POS are far away, and lots of projects are in the process of moving away from ETH (see my recent list for details 😉
Thanks Concepskip. I’m glad we share the same sentiments with ETH. Hope they find something to turn this boat around.
Strangely enough, but this project is more stable than the bitcoin itself.
For investors, although for an amateur, it’s fine, well, it’s just that I just wanted to say))
Thanks Irina
Ethereum has a much higher number of dApps. In fact, the explorer shows 940 decentralized active applications.
They have got a lot more dApps, ETH had a 3-4 years head start vs EOS who has 3 Months and so far released 50 which is rather impressive. Also note the transaction time of EOS dApps have surpassed all of 940 ETH dApps.
@somemightsay good post. agree it is not looking good for eth. but often when it is not looking so good it might be time to buy 🙂
Good post. I agree and posted something about Ethereum’s current woes the other day. I also read a post [email protected] Related, which said that according to DappRadar, EOS dapp using is far surpassing that of Ethereum. Buterin has got to get Plasma out sooner rather than later.
This explains why so many projects are migrating to EOS. I even wrote in my blog an article of a game that was ERC20 and changed to EOS.
I think the tied is turning and noticing projects with project owners abandoning the ETH ship and joining EOS. A FOMO for dApps replatform to EOS to gain market share. A few that have done it are Everipedia, EOSBet and Sense. Theres probably quite a few i’ve missed off too.