Ethereum Hits a New Low Since Early 2017, Time for an Uptrend?
- ETH price drops below $275, down by 11.20%
- Meanwhile, a new low is hit on the ETH/BTC chart, not seen since early 2017
- The crash seen today could be the end of the downtrend for altcoins in general vs BTC
The second largest cryptocurrency is down by 11.82 percent in the USD market, as Bitcoin loses over 10 percent of its value.
The effect of Bitcoin’s loss in value could be seen on the entire market which is in deep red. Ethereum price in USD is at $273 while 0.0236 in BTC. However, this time Ethereum hit a new low on the ETH/BTC chart.
This has been the first time since early 2017 that the price of digital currency went this low. Historically, ETH price has constantly bounced off the floor in the $0.024 to $0.025 range.
End of Downtrend?
With Ethereum going to a new low and still down 81 percent from its all-time high of $1,431, it could be expected that from here, the digital asset will make an upwards move.
As an economist and trader Alex Kruger says, the crash seen today could be the end of the downtrend not only for Ethereum but altcoins in general vs BTC.
This hasn't been a coincidence as well rather a basic market’s mechanics, notes Kruger adding,
“Volume climaxes in oversold charts beyond key levels often lead to local bottoms.”
Meanwhile, the GitHub repositories of Ethereum topped Bitcoin’s in 2018 but in 2019, the developers’ activity on both the networks has been to a small extent, in favor of BTC.
“Ethereum's “market share” vs Bitcoin, jumped to 53% in 2018 and is now at 50%,” pointed out Adamant Capital’s Tuur Deemester.
Recent Noteworthy Developments
In another set of event, Samsung has made the beta version of its blockchain software development kit (SDK) for the Ethereum blockchain available to partner developers. It also provides additional tools for Dapps and blockchain mobile development on the latest Galaxy smartphones.
SDK further provides developers ways to manage user accounts, manipulate transaction data, and authorize digital signatures for transactions along with allowing developers to link to external cold wallets.
Elsewhere, a new trading platform for security tokens, the 1X platform has gone live with its first listing of an Ethereum token that is purchasable with Singapore dollars. The platform is backed by the country’s public stock market, Singapore Exchange (SGX).
The Ethereum token represents 7 percent of Singapore fund manager, Aggregate Asset Management (AAM) that raised about $4 million in the six weeks since May 4. The goal is to provide an IPO-like platform for private companies to raise capital and increase liquidity.