Ethereum [ETH], the second largest cryptocurrency by market cap, was touted to be “dead” in the relentless bear market. However, new reports show that the Vitalik Buterin-led cryptocurrency has been holding strong against its competitors.
According to the Ethereum Q1 report released by TNW, 2019 could be the year for the Ethereum blockchain, despite its scaling woes, governance issues and platform updates. The website also covered a 2018 recap of Ethereum and its progress, with a part of the piece stating,
“Ethereum’s price, like many cryptocurrencies, had a positive 2017. Sadly though, it wasn’t the same story in 2018. In 2017, Ethereum closed the year having made gains of over 8,000 percent. In 2018 however, it’s trading price dropped by 90 percent over the course of the year. ETH opened 2018 at $712 and continued to grow in price until the middle of January when it reached a high of $1,397. A few days later, however, a market correction caused its price to drop by 18 percent.”
The report also analyzed Ethereum’s performance during the first quarter of 2019, calling it ‘uneventful’. It also focused on January 7, 2019, the day when ETH’s price reached $156, which was Ethereum’s peak in the first quarter of 2019. The analysis was hopeful for the second quarter, citing the increase in ETH price from $139 to $177, as soon as Q2 opened. It added,
“Indeed, it’s a strong start but Ethereum is facing many challenges. Whether this strength will continue remains to be seen.”
Ethereum was in the news recently after the Changpeng Zhao-led Binance decided to add margin trading for ETH and several other cryptocurrencies. The news was revealed by Lifofifo, a Redditor, who stated,
“Remember this post over a month ago? Research: Margin trading features found on Binance API. I took another look today and found that the isMarginTradingAllowed flag is now enabled for the following 9 pairs […] Perhaps, a sign that the margin trading is coming soon to Binance.”
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