Ethereum Turns 5 But ETH Price Vs. Bitcoin Never Recovered Since 2018
A short road lays behind Ethereum and his development from DApps to DeFi. Countless upgrades but still its a slow system. So what can we say about Ethereum ? The world as fast as Ethereum changed the economy via tokenization and smart contracts. But it could not fetch up with the industry lost the DApps momentum and has now a revival with DeFi if we believe the communities. There is a lot ongoing in ETH but the upgrades could lead into a greater hack than the DAO f. e. was. Hyperledger redefined enterprise blockchains and Ethereum becomes an expensive role modell.
As of Ethereum’s birthday, Ether’s share stood at 3.1% of the BTC price. At its peak in January 2018, the figure was 11%.
Since the altcoin boom over two years ago, Ether has failed to reclaim much of its lost ground as Bitcoin took over the broader cryptocurrency market cap.
As developers pushed ahead with Ethereum’s transformation to Ethereum 2.0, only recently has ETH/USD begun rewarding patient bagholders.
The past week alone has seen price gains of 45%, beating Bitcoin’s performance as previous resistance at $285 fell away. At press time, ETH/USD traded at $325, fuelled by the DeFi token phenomenon and associated trading boom.
“Just tested former resistance as support to the sat,” popular analyst Scott Melker confirmed on Tuesday.
Lukewarm birthday wishes
Nonetheless, not everyone was convinced.
“ETH/BTC stops dumping for a change and ETH maxis go full blown manic,” Blockstream developer Grubles wrote on Twitter on Sunday.
So what to say ? Just lay back and wonder this world is indeed overblown because DeFi is the failed system in a digital dress. See full article here