In as much as the volatility in the cryptocurrency market keeps many a shy of it, the ones in it enjoy the thrill of it even when the market goes against them. The simple reason to this is, REAL investors value the fact that the cryptocurrency market does not act in a similar way to the other financial markets. The historical statistics of the crypto market show the price has had a good run for the past nine years or so.
The past 5 days has seen Ethereum (ETH) as the only coin in the top 50 coins on Coinmarketcap to maintain a continuous streak of daily return increases. After trading below the $190 USD mark for a period of time at the start of September, the coin is back up its feet as it targets a possible $300 USD in 2018.
How Ethereum aims to hit the $300 USD mark in 2018
Ethereum is still at a ROI of 4400% a wonderful state to HODL
Ethereum has faced harsh criticism since the crypto boom experienced in late 2017 and early this year burst. The coin has seen its price drop by 84.4% since its all-time high but the recent glorious week it has seen, rising 7.2% is giving its investors a new hope. The FUD being generated around Ethereum is heavily down to price decrease during the year so far.
With most of the market players coming into the field during the massive bullish run, buying at prices above $400 USD and some at the highs of $1300 USD, they are currently facing heavy losses in their investments. However, early investors in the coin are currently in huge profits with the return on investment of ETH at 4400%.
Furthermore the price hike to $220 USD in the past 5 days represents a 2.29% increase in the last 24 hours and comparing it with the price at offering, Ethereum is still on course to cementing its position as the world’s biggest smart contract platform.
Ethereum Classic’s resurgence boosts Ethereum’s survival
Is it collaboration or teamwork? Ethereum was one of the first major blockchains to have a hard fork which resulted to two blockchains, Ethereum (the new chain) and Ethereum Classic (legend chain). However, since the two blockchains battled to retain the rights to be the “main” chain, a battle which the new chain won, the two communities have had a competitive mood between them.
“We recognize that the ethereum code can be used to instantiate other blockchains with the same consensus rules, including testnets, consortium and private chains, clones and spin-offs, and have never been opposed to such instantiations.” – Vitalik Buterin on formation of Ethereum Classic
Should the two blockchains be competing to be named ‘Best smart contract platform’ or collaborating towards the global adoption of smart contract technology? The latter signals a mutual benefit that can see the two chains increase in rank and value as more people accept the technology.
The two communities have a large number of competitors in the field of smart contract such as Iota (MIOTA), Stellar (XLM), Cardano (ADA) and others offering a blockchain 3.0 technology. Through positive cohesion and concentration on development without in-fighting between the two, Ethereum and Ethereum Classic will pull each other towards the top instead of competition to pull each other down.