Chris Berniske: Buying Ethereum is now comparable …
Chris Berniske: Buying Ethereum Is Now Comparable To Acquiring Bitcoin In 2015
Ethereum has been in an extended downtrend after peaking around $ 1,400 in January 2018. While Bitcoin was able to recoup a significant portion of the decline from its historic peak, Ethereum continues to trade 85% below its highs.
The cryptocurrency, which once claimed to be the largest asset in the market by capitalization, is now worth 0.02 BTC, which is equivalent to the values observed before the heyday of the ICO at the end of 2017. The situation is aggravated by the proliferation of competing platforms aimed at solving similar problems, such as EOS, Cosmos or even Tron..
However, Placeholder VC partner Christopher Berniske, who allegedly invested in Bitcoin, Ethereum and other cryptocurrencies, claims that now may be the best time to buy the depreciated asset..
On Twitter, Berniske is theorizing that Ethereum is experiencing “its first mainstream bear market, comparable to the one in which Bitcoin found itself in 2014-2015.”.
“Looking back, it’s safe to say that these years were the best period in terms of risk / reward ratio for entering Bitcoin,” he writes..
According to Berniske, “objective observers” clearly understood in which direction bitcoin was developing, despite the obvious depreciation..
“Those who were predisposed to negative sentiments based on perceived personal interests were blinded and missed the train,” he writes. “What happened to Bitcoin then is happening to Ethereum now.”.
The Trustnodes portal draws attention to the fact that in these years, bitcoin found itself at a crossroads, when the issue of further scaling of its blockchain was being decided. Ethereum, according to the own admission of the founder of the platform Vitalik Buterin, today works at the limit, which limits the possibilities for its use by corporate and other users.
“The argument is not in favor of the version that Ethereum will follow the trajectory of Bitcoin: Ethereum, presumably, is now not as technically advanced as Bitcoin in terms of throughput now and in the future. The fact that Ethereum is now Bitcoin in 2015 doesn’t mean that Ethereum will hit its 2017, ”says Trustnodes.
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