Ethereum Enduring It's First First Big Bear Market as Bitcoin did in 2015
By Luke Flowers – Cryptocurrency Speculator
Chris Burniske, Placeholder partner and crypto investor, believes Ethereum is entering its first-ever mainstream bear market, like Bitcoin (BTC) did between 2014-15.
According to a tweet posted on August 20, Burniske realised that the period served as the best time for best risk/reward for investors to get buy Bitcoin and gain exposure.
Burniske spoke with Cointelegraph adding:
“To objective observers, the network’s momentum was clear despite the bearish price action. Burniske also went on to add “what happened to $BTC then is happening to $ETH now.” As suggested by Burniske, this could be a good opportunity for new users to buy Ethereum.
In response to Burniske’s comments about ETH’s price action, Changpeng Zhao, founder of crypto exchange Binance, tweeted the following about the Ethereum blockchain being almost full:
“I like Vitalik & ETH, but speed & capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now)”.
Zhao believes that new projects need to increase the real applications for people to use to increase adoption and reach new limits and bottle necks to overcome. Many speculative traders and users buy and sell Bitcoin to try and make a small profit or learn about the technology, but the next wave will be looking for applications.
Buterin replied that the scalability issues are “not solved at all,” saying that even the newer semi-centralised blockchains could only process hundreds of transactions per second. Far from the transactions per second needed for mainstream adoption of buying crypto for everyday use. He claims that EOS has already encountered scalability bottleneck issues would in turn could affect the rate of those looking to buy EOS.
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