Last updated on May 18th, 2024 at 11:48 am
Saylor’s acceptance of Ethereum as a futuristic currency makes investors feel respite. Over the past couple of months, the crypto market has experienced a massive negative transformation.
The price of top coins like Bitcoin and Ethereum have continued to plunge and leaving investors in a state of doubt. Global economic weakness and some financial situation of some top companies have also triggered cryptocurrency inflation.
This has also triggered investors to sell of their assets as the market continues to dip. Investors continue to analyze and speculate when the value of cryptocurrency will rise again, since all its been doing these days is drop.
There have been uncertainties among investors. Some believes that the value of crypto will come back up in the coming months, while others believe otherwise, saying that the rise will continue to remain uncertain as long as “digital assets fail to regain their individual price resistance.”
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One coin that has continued to attract the attention of bulls and investors is Ethereum. It is already known that ETH is one of the stronger cryptocurrency in the market and recent surveys revealed that the price of Ethereum began to drop as soon as Bitcoin dropped to its all time low. And Ethereum is also struggling to regain its lost status in the market, just like Bitcoin.
Ethereum is currently trading at $1,070 as of the time of writing this post and Bitcoin trades at $19,737, however, bull investor Michael Saylor (Co-founder of MicroStrategy) still believes Ethereum continues to be a big investment has still has the potential to overtake Bitcoin and be the biggest cryptocurrency in the world.
ETH was trading within the ascending triangle as predicted, and it scared investors and still has the possibility to fall to the US$900 resistance. The cryptocurrency market volatility has stopped the crypto from having the foothold it needs and enhancing its prices.
But since Michael Saylor talked about it, Ethereum investors are probably not worried about it anymore since his statement could help bring some hope for investors.
Related: Is Cryptocurrency Still Worth Buying?
Investors might experience some sort of relief amid the crash
Altcoin daily did a recent interview with Saylor, and he was asked about his opinion on Bitcoin and Ethereum where he pointed out that only Ethereum has changed over the years. He also mentioned that the regular software updates on the ETH network has turned into a form of security.
Since the launch of Ethereum, over the years it has grown to become one of the most popular coin as compared to other cryptocurrencies. And one of the reasons why ETH has gained much attention is because of its liquidity.
The volatility in the Ethereum market sometimes can be an opportunity for smart investors who continues to identify patterns and generates profits from their investments. Amid this chaos, the price of Ethereum have struggled to stay afloat more than that of Bitcoin.
So, is Ethereum a good buy right now?
With the hopes surrounding the coin, investors are still quite skeptic about its prospects. If Ethereum can successfully attain its resistance at $1,500, then it might be quite easy for the market to experience a bull run.
A rise in the trend and price of Ethereum might also encourage more investors to buy into the market and overall improve the condition of the entire market.
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