Majority of Crypto Hopefuls Expect Bitcoin’s 2018 Q4 to End On A High Note as Historical Data Supports It
Bitcoin has climbed back above $6,300 and Ethereum sits at $210. As seen in the following image, courtesy of CoinMarketCap, all the crypto assets in the top 10, except for Tether, are posting tangible gains and crazy bullish runs in the case of a few cryptocurrencies.
Ripple’s native digital asset XRP had its time in the limelight today, posting double-digit percentage gains as it ran to $0.32 a piece to the chagrin of short sellers. Other leaders in today’s market include Cardano (ADA) at an 8% gain, Ethereum at 6%, Stellar Lumens at 5.5%, along with MKR, Ardor, Golem, and Steem which all rose by over 10% in the past 24 hours.
According to some analysts, the subtle movement in Ethereum price over the past two months is a reflection of the much broader issues affecting the “developer's” digital currency. There has been a spike in the liquidation of Ethereum holdings among ERC-20 startups that exposed the coin to vicious downturns. Data also showed a decline in initial coin offering (ICO) fundraising activities. ICOs raised an estimated $337 million in August, the lowest amount in more than a year.
Josh Fraser, the co-founder of blockchain startup Origin (Origin Protocol), not to be confused with the video game company that shares a similar name, noted that in spite of an unwary and volatile market, prices could recover over the next few months. In an email to the financial-focused publication, Fraser wrote: “Prices will slowly recover some of the losses they experienced in [the first of half of] 2018.”
Explaining why this is the case, Fraser explained that as development efforts shift towards blockchain technologies, and subsequently, crypto assets, the “key pain points” of usability and pricing will start to dwindle.