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ethereum crypto
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Crypto Analyst: Ethereum Will Never Again Breach $1K

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news, Ethereum
Reading Time: 3 mins read
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The crypto market has been struggling for nearly two full years now to return to all-time high peak prices set back at the height of the crypto bull run, when Bitcoin reached $20,000 and became a household name and altcoins like Ethereum made investors filthy rich.

During that time, Ethereum exploded to over $1,400 per ETH as demand for the asset fueled by the ICO boom caused its value to skyrocket. However, one crypto analyst says that Ethereum price won’t ever come close to the $1,000 mark ever again, even if Bitcoin some day reaches prices of $50,000 or more per BTC.

The Rise and Fall of Ethereum

Crypto assets, like any financial assets, are driven by market dynamics such as supply and demand. With scarce assets like Bitcoin that have low, hard-capped supplies, when demand rises, prices can grow quickly.

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Related Reading | List of Crypto All-Time High Prices Shows How Far Market Must Recover

Such was exactly the case during the 2017 crypto bull run, which took the mainstream public by storm and the price of Bitcoin to its all-time high of $20,000.

The public media attention on Bitcoin not only caused demand for the asset to skyrocket, but the price of the asset also followed. And as news of young investors turned millionaires made the airwaves, retail investors sought out to find the next Bitcoin in hopes of striking it rich.

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This led to the initial coin offering boom, where new assets were launched regularly as the next big thing. These ICOs were often built on the Ethereum protocol as ERC-20 tokens, and investors bought up ETH to exchange for the shiny new altcoins tokens offering promise and hype.

But once that ICO boom fizzled out and the crypto hype bubble popped, investors were left holding Ethereum that had little use or utility, and the price of Ethereum collapsed from $1,400 to as low as $80.

Note: The analyst has since deleted their below tweet on the subject:

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https://twitter.com/macnbtc/status/1199228523191382016?s=21

 

ETH To Never Return To Near Or Above $1,000

Because there is little demand for Ethereum, one crypto analyst believes that Ethereum will never again reach prices near or above $1,000 per ETH, even if Bitcoin reaches $50,000 per BTC.

Bitcoin and other altcoins are still down significantly from their all-time highs, however, most altcoins are down 80% or more, and have also lost significant value in their BTC ratios.

Related Reading | Short Of The Century: $15 Ethereum Possible If Monthly Fails To Close Bullish

It’s not just Ethereum, either. Many altcoins outside of the top ten cryptocurrencies by market cap are down as much as 99% from their all-time high prices – prices that are likely never to be seen again.

Unless there is another sudden rise in demand for Ethereum, the analyst’s prediction could very well come true. However, with crypto so young of a technology, anything is possible, and proper use cases and utility could be on the way.

Tags: All-time Highbitcoincryptocrypto bubbleethereum
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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