As a fellow believer in Ethereum Blockchain and technology, I had my moments of sadness when the price dropped below the cost when I bought at $225. It made me sadder when I found out that a few friends bought at a higher price and with a bigger volume.
Due to this, I am writing down some factors to help put things into perspective.
- Ethereum’s price last January of this year is $10. In spite of all the events that led to its price dip from $400 to $197 (as of this writing), ETH’s price did not fall below $150, which determines the strength it holds in crazy conditions brought about by a lot of ICOs, platform hacks and scammers via phishing.
- The dip in ETH’s price could be seen as a favor for those who are just about to start investing into this cryptocurrency. Unlike us, who started about two months ago, you get to buy at a price lower than when we bought.
- The dip also helps those who bought when the price is high. By investing more fiat into it now, you cause its dollar cost average to become lower.
- ICOs come in two flavours and among those others who were misused by scammers, there were those who are actively developing their projects in order to deliver what they promised their investors and supporters. Once these legit developments come out of beta and go live, their output will further reinforce or even increase the strength that ETH already have now.
- In spite of the dip, a lot of big players have joined and stayed their ground as members of the Enterprise Ethereum Alliance (check featured screenshot above), which “connects Fortune 500 companies, startups, academics, and technology vendors with Ethereum subject matter experts.” If you google more about each of these entities, you will find out that there are those (if not all) who have already developed their own techs that use ETH technology. One particularly interesting development is the first Ethereum Smart Contracts Decompiler recently launched with JP Morgan’s Quorum Integration.
Looking at Ethereum’s price drop from the perspective of its recent peak of $400 to its current price of below $200 seemed to give off a negative perception of its staying power, if one looks at it with short-sightedness. In my humble opinion, the alarming reduction of price require any investor to read up on all documents pertaining to this technology in order to have a better understanding of where ETH is at, and where it is heading… and I would bet, its path is just about to start going way up.
Disclaimer: This is not investment or trading advice. Always do your own independent research.