Despite breaking the $720 over the weekend, the bearish market which is hitting more frequently has yet initiated another decline which has seen the price of Ethereum (ETH) dip below the $700 resistance level again.
The bearish trend continues, and over 78% of the trading cryptocurrencies are swiveling in the red zone. Following the 3.51% price drop of yesterday, the price of Ethereum is down by a further 3.32%. ETH is now trading at $687.10 USD, with a market cap of $68.431 Billion USD.
Despite the bearish trends, Steve Wozniak still believes that Ethereum has the potentials to grow to become as influential as Apple, the company he co-founded with Steve Jobs. Wozniak, a crypto enthusiast expressed his interest for Ethereum because of the possibilities that lie in the platform.
Ethereum Ecosystem Continues to Expand
Ethereum may have been hit by the bearish market, but that has not hindered the growth of the altcoin. The decentralized application ecosystem of Ethereum is growing at an incredible pace, with countless Dapps being created and launched on the platform, more people are turning to the broad range of services Dapps offer.
As at the time of this writing, there are over 560 live Ethereum Dapps with around 12,000 decentralized applications users, and according to Dapp insight, more than 11,000 ETH (Over $7 million USD) coins have been transacted across Ethereum Dapps in the last 24 hours.
The Future of Ethereum (ETH)
Ethereum is arguably the most popular platform for ICO launch, and as a result has played a prominent role in expanding the cryptoverse. While Ethereum has managed such feats, there are still limitations as to what Ethereum’s current blockchain can achieve, most notably is the transaction throughput issues.
Ethereum’s current blockchain can only handle about 13 transactions per second, limiting the usage capabilities of distributed applications on the platform. Ethereum has already begun works on a consensus method change, which would implement the sharding scaling solution and put a permanent end to Ethereum scalability issues.
While the Consensus method launch (Casper; running on the Proof of Stake) has been in the works for years now, we have already witnessed a glimpse its capabilities. When Casper’s Testnet was launched back in January, the result was the price of Ethereum spiking to above $1,000 USD for the first time.
According to Ethereum’s co-founder, Vitalik Buterin, the Proof of Stake is expected to propel the future of Ethereum. Buterin in the past has given his reasons why Proof of Stake would excel over Proof of Work in a decentralized economy. Updates on Casper can be found here.
Vitalik Buterin Sticks with Ethereum
The almost unending possibilities of Ethereum’s network has been acknowledge by numerous people and organization in the past. Co-founder of Ethereum, Vitalik Buterin has decided to stick with Ethereum (ETH) after the tech giants Google approached him for a possible collaboration on a blockchain project. Buterin has long taken down the tweet in which he Shared a screenshot of an email showing the offer Google recruiter, Elizabeth Garcia.