There has been a lot of doom and gloom surrounding the current price of cryptocurrency, and the former crypto all star Ethereum. Summers are traditionally a slow period for crypto but this has been an especially dark summer for ETH. So why is Ethereums price down? Has development stopped? Will the price recover? This article will hopefully answer those questions and ease your depression about the current ETH price.
No, Ethereum is not dead
Currently we are in a boring period for Ethereum and it’s development as the major milestones are still just over the horizon. What are these major upgrades that investors are waiting for? The upgrade is known as Casper and will allow a proof of stake (PoS) system to replace the current proof of work protocol (PoW). In layman terms, PoW requires mining to verify transactions and PoS verifies transactions via Ethereum token holders. This allows for the network to be much faster to compete with services such as Visa and this will also reduce the amount of electricity used worldwide as mining will become close to useless. This is an extremely brief summary and there is much better resources explaining Casper, but that is the jist of it.
Does Vitalik still believe in Ethereum?
If you’re not familiar with the name Vitalik Buterin, he is one of the main brainchilds of ETH and arguably the most recognizable face in the crypto world. Recently, he sent out some tweets that were slightly concerning to investors as it appeared he was doubting the tech he helped create
This quote sent the media into a firestorm of false narratives. On the surface, it appears he is talking negatively about Ethereum which would be hard to draw any other conclusion due to the Tweet. However, this tweet is consistent with Vitaliks view on ETH and how Casper is a necessary upgrade for ETH to survive. Current day Ethereum is not the final product and has never been the goal so this Tweet is nothing to be concerned about; although, it would be nice if Vitalik considered his investors before Tweeting words that can be conflated.
Should I buy more Ethereum?
The technology has never looked better and all tests of the network are going well, so personally we are buying more. You must only invest in what you feel comfortable losing as this is still a risky investment. If you followed Ethereum because of its tech and what they hope to do, then invest as much as you can because the current price is a bargain. We feel the future of Ethereum is strong and will continue to follow it’s development path and hope that Casper brings the improvements that ETH desperately needs in this bear market.
Where can I buy Ethereum?
We still recommend using Coinbase as it’s the easiest platform to buy from. There is many places to buy ETH, but if you’re trying to buy or sell quickly Coinbase is the quickest option. Check out our homepage for a guide on how to buy Ethereum if you’re in Canada.