Market Bull not seen yet; but plunges and red everywhere
On Wednesday 12 September 2018, Ethereum hit yearly lowest at 170$. The market plunge along with due to low volume trade. With 43% crashed within 1-month standing a part of the market crash in the crypto.
Trades hit the low resistance line and made true the unbelievable. While BTC consolidates floats around 6100$ low— Ethereum market crashed consistently constantly within week.
Ethereum dropped 12.5% within that day making the lowest of the 169$. Last year was at 150$ low hit in July 2017. Is this doubtful that bull really waiting to come by?
But the graph shows the rebound on 13th September and this could turn green for the holders and believers a relief.
Tokens based on Ethereum ERC, too made a low hit, making whole altcoin market below expecting and unstable.
Market cap dropped 4.6% that day hitting 186B$. The total market cap dropped significantly since the January, where it was around $700B, compare to now its plunged to around $190B.
Ethereum was one of the only choices for a new ICO to launch its token based on ERC20 and more. ICO Projects since being rejected by the major companies like google and facebook, now proving to be mostly fake to the investors, making resistance towards pulling scams now.
For now, the market of ICOs dropped significantly and not being entertained by most of the investors.
The decrement of Mining Ethereum
With the increasing difficulty of the solving ethereum blocks; requiring smarter and smarter hardware which requiring energy. The consequences of the amount of consumption of energy just to keep the blockchain alive making it an unsustainable.
Ethereum still fighting its odd on converting the blockchain working for POS(Proof-of-stake) rather than POW hence prerequisite Ethreum Capser Update.
(image source: pexel)