During that time Ethereum reaches an all-time high of $1,400 per ETH, however, one analyst believed that even if Bitcoin surpasses its success of 2017 ETH will not peak over $1K again.
The Story of ETH
Following the bitcoin boom supply and demand for cryptocurrencies increased drawing the attention of many young investors. This led to the increase of other altcoins and the initial coin offering boom (ICO). The majority of these ICOs were built on ETH protocol with investors buying ETH to exchange for new altcoins offered in the ICOs.
However, since the boom, ICOs have since declined rapidly which in turn caused a knock-on effect for ETH. ETH went from a peak of $1,400 to as low as $80.
Due to the lack of ICOs and the lack of demand for ETH, it is believed that it will never be valued at over $1K again as there is simply not a huge use for it like there was in the past.
The overall crypto market is somewhat struggling since the all-time high with Bitcoin and other Cryptocurrencies performing poorly in the final quarter of 2019. Many altcoins outside of the top 10 cryptocurrencies have even been down by 99% from their all-time high prices – prices that are likely never to be seen again.
Although the analyst has solid grounds for this predication ETH itself and the crypto market is still so young and although there may not be a demand for ETH currently who knows what may happen with the crypto market that may cause a surge in demand.
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