Since it neared $400 at the beginning of September, Ethereum has been a disappointment for investors. The digital currency has shown an inability to mount a sustained rally past $300, while Bitcoin seems to play in a whole other league, informs CCN.
Ethereum’s movement on the market on Thursday proved that the cryptocurrency isn’t going in the right direction. Its price fell 6% as traders liquidated their holdings to concentrate more on Bitcoin’s great run, forcing it below $280 before recovering to about $290.
No serious match for Bitcoin!
Bitcoin has been consolidating its position as the dominant cryptocurrency, now controlling nearly 63% of the total crypto market cap. However, at some point, Ethereum seemed to be able to do the “Flippening” (a term designed to indicate the moment when Ethereum’s market cap overcomes Bitcoin’s), but the altcoins “captain” hasn’t proved too worthy in combat.
Observing the ETH/BTC price trend, we can see that Ethereum has slipped behind quite hard. At present, the digital currency is trading at approximately 0.04 BTC. The last time Ethereum was valued so low against the price of Bitcoin was the last week of April, when its price was $50.
Investors are still confident about Ethereum’s future
Still, despite the cryptocurrency’s poor run, investors have every reason to believe in a comeback. This week’s Devcon3 conference will likely offer more answers regarding Ethereum’s future.
On Wednesday, Vitalik Buterin, co-founder of Ethereum, laid out a multi-year roadmap that explains some of the issues facing the platform and how developers plan to solve them. Vlad Zamfir released a draft of a whitepaper for Casper, the proof-of-stake consensus mechanism that developers have been previewing for some time now. However, many of the projects that are brought into discussion at Devcon3 have months or years terms, so it’s not clear when or whether the Ethereum price will face a spectacular comeback.