Ethereum recovers ground after recent bear market
Ethereum, the second-largest cryptocurrency by market capitalisation, mounted a strong rally on Thursday, following several days of losses in which it lost more than 20%.
Indeed, ether tokens were among the biggest percentage gainers on crypto exchanges as sentiment in digital asset markets improved.
Ethereum Foundation co-founder Vitalik Buterin issued a statement on Wednesday that he hoped would clear up recent comments. On Saturday, he was reported to have said the explosive growth seen in the blockchain industry was likely over.
Usage is the key
“To be clear, I never said that there is ‘no room for growth’ in the crypto ecosystem. I said there is no room for 1000x price increases.
“What I actually said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from ‘depth’ – actual usage.”
Other supportive comments helped the rally in ether on Thursday. Mark W Yusko, chief executive of Morgan Creek Capital Management, said he was optimistic about the future of the blockchain project.
He likened the current state of cryptocurrency markets to the early days of the internet: “It’s like the 1993 or 1994 internet when Google was just being thought of, and nobody believed it was important.”
Here’s a round-up of the price moves in the top 10 cryptocurrencies at 11.30am on Thursday [London time]:
- Bitcoin +3.4% at $6,466
- Ethereum +11.4% at $193.84
- Ripple +6.6% at $0.27
- Bitcoin cash +5.8% at $442.03
- Eos +4.3% at $5.04
- Stellar lumens +9.3% at $0.21
- Litecoin +11.1% at $53.89
- Tether +0.2% at $1
- Monero +13.3% at $112.85
- Cardano +9.3% at $0.07