The Ethereum price again exceeds $ 1,000

Although the price of Ethereum has suffered significantly in recent times, the crypto-Twitter community is optimistic. A survey by analyst Nik Patel, which was answered by more than 5,400 people, revealed that 54% of crypto-enthusiasts believe that ETH has exceeded $ 1,000 again.

Will $ ETH ever trade above $ 1000 again?

– Nik Patel (@cointradernik) August 10, 2019

A negative evolution

Since January 2018, Ethereum has not been doing very well. With the disappearance of the ICO phenomenon, the second cryptocurrency as a market cap had a poor performance. If in the middle of January 2018 ETH was worth $ 1400, in January 2019 it would have reached just $ 140.

During this year, the Ethereum price fluctuated between $ 150 and $ 300, and is currently barely above the $ 200 threshold. The fact that Bitcoin dominance has increased significantly certainly does not help. Currently, ETH has a market share of less than 8%. By comparison, in its glory period, Ethereum represented 20% of the crypto market.

Ethereum’s poor performance is apparently due to the lack of initial coin offerings (ICOs) issued through the platform. This was the main catalyst for the acquisition of ETH in the period when revolutionary projects multiplied like mushrooms after rain.

Ethereum supporters are optimistic

But the Twitter poll shows that Ethereum supporters have remained optimistic. A number of analysts have begun to notice that Ethereum may be significantly behind Bitcoin.

For example, Galaxy recently pointed out that the ETH / BTC chart currently looks as it was before the absolute blast of 2017, when the asset rose to over 0.1 BTC.

Also, the fundamentals of the chain have evolved quite well. In the second quarter of this year, stable cryptocurrencies based on Ethereum traded more value than Venmo.

In addition, Ethereum miners charge less than 1% of the fees imposed by Venmo, emphasizing the need for decentralized money and blockchain technologies. Similarly, DeFi and DEX have seen a high level of use in recent months.