Buterin is wrong, another crypto price boom is possible
Buterin is wrong, another crypto price boom is possible
Blockchain

Buterin is wrong, another crypto price boom is possible

By Daniele Chicca - 11 Sep 2018

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Ethereum is experiencing a difficult period in the markets.

The crypto of the world’s most successful blockchain has been around the lows for 10 months.

In recent hours losses have intensified and the crypto price has slipped well below 200 dollars.

Ethereum thus suffered a decline of about 86% from the absolute highs reached at the end of 2017.

The drops of the second cryptocurrency by market capitalisation started to intensify after Ethereum’s founding father Vitalik Buterin said he was convinced that the period of the cryptocurrency boom is a thing of the past.

According to Clement Thibault, senior analyst at Investing.com, Buterin is right when he says that the days of madness in which cryptocurrencies rose as much as 1000% belong to the past.

Once something has attracted mainstream interest, you can hardly repeat the same effect,” the strategist tells The Cryptonomist.

Human greed should not be underestimated

The bubble at the end of last year was due to an unprecedented flow of newbies into the crypto industry” and it is this very particular context that has allowed digital coins to reach extraordinary prices“.

That said, “it is never wise to underestimate human greed. Once a new cycle of elevations starts, I wouldn’t be surprised to see another boom with people queuing up to buy again”.

Perhaps the scale and reasons behind the price explosion will not be the same and the intensity of the leap will not be comparable to that seen at the end of 2017, but “we will still see another boom“.

Wherever there is an opportunity to make easy profits, people will rush into anything”. It applies to all financial markets and even more so to a market like a cryptocurrency one which is characterized by low liquidity and great volatility.

Daniele Chicca
Daniele Chicca

Graduated in foreign languages and literature at the University of Bologna, with a year of undergraduate at the UCL in London. A professional journalist since 2007, in time he specialized in finance, economics, and politics. After three years with Reuters in Milan, he worked for several newspapers, contributing among other things to an increase in progressive traffic on the website Wall Street Italy and offering services of various kinds for Radio Rai and press agencies AGI and TMNews (formerly Apcom). At the moment he is responsible for the drafting, the editorial line and the coordination of an important economic and financial information website.

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