According to Ethereum co-founder, Vitalik Buterin, the days of rampant and explosive growth in cryptocurrency price are over. This has been witnessed by the recent sharp and sudden decline experienced on Saturday, bringing the total market cap to within $2 billion of a new yearly low. Coins such as Ethereum and bitcoin lost significant gains from a brief bullish momentum in the previous week.
Speaking to Bloomberg at the Ethereum industry summit conference in Hong Kong, Ethereum co-founder Vitalik Buterin stated that we are past the point where 1,000 times growth is possible. According to Vitalik, almost everybody is aware of the blockchain technology, thus there isn’t any other opportunity for yet another 1,000-times growth in the market. Such a negative sentiment from Vitalik has worried many in the cryptocurrency industry.
However, his views might be true, since the cryptocurrency has already had its chance, with some coins easily growing over 1,000 times within a few years. Also, the majority of people in the first world countries have already heard about blockchain technology or cryptocurrencies, thus it would not be wise to expect naysayers to turn a dime in accepting the industry with their open arms. In addition to his statement, Vitalik stated that the aggressive marketing which is what supposedly underpinned the growth in cryptocurrencies throughout the last year is no longer going to work since its getting closer to hitting a dead end.
This statement can be proven with the recent carnage on the cryptocurrency market that saw almost all digital currencies lose significant gains. For instance, Ethereum performed poorest after losing over 30% of its value in the recent seven days and dipped below $200 threshold for the first time since July 2017. Additionally, the total market cap shrank to $197 billion, a significant loss in just one week.
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