It seems that the cryptocurrency market could not see a bull run as it happened in 2017. According to Ethereum’s co-founder, Vitalik Buterin, cryptocurrencies are unlikely to experience a new bull rally ever again. As he said, the average person is aware of blockchain technology and cryptos, something that erases the surprise element of the last year.
As reported by Bloomberg, Buterin said that opportunities for 1,000-times growth in the crypto world do not exist anymore. He explained that the community and the industry are growing based on the adoption of real applications.
About it he mentioned:
“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anmore.”
The blockchain ecosystem needs to attract individuals that are really interested in virtual currencies and blockchain applications.
Ethereum has been in a bear market since the beginning of the year. However, in the last weeks its price has been dropping at faster rates than other virtual currencies. Ethereum is used by developers to create smart contracts and develop their own decentralized applications (dApps).
At the moment of writing, Ethereum is being traded under $200 dollars, the lowest point since July 2017. Additionally, Ethereum’s share of the market has also declined to the lowest point since March 2017.
Ethereum is facing an increased competition, market volatility and a growing industry.