It is no secret that Ethereum was currently not a favorite of global investors. The monthly performance has been anything but positive after the token recorded a fall of over 33 percent in the last 30 days. In terms of market dominance, Ethereum had more bad news to list out as it was indicated that ETH’s market dominance was at an all-time low with a percentage of 7.84, which was also the lowest in the past two years.
The aforementioned event is a drastic change from the past as at one point in 2017, some analysts in the virtual asset community believe Ethereum will not only outperform Bitcoin but also surpass their market cap and become the largest token in the industry.
The underperformance of ETH was due to the lack of ICO’s [Intiail Coin Offering] that are issued through the platform. In 2017, during the massive bull run, traders and investors looking for outsized profits, and they were mandated to buy ETH to participate is flamboyant ICO’s promising to be the next big revolution in the crypto space.
However, at press time, Ethereum bulls were seemed to holding onto a bright ray of optimism. Analyst Nik Patel hosted a poll of twitter which asked the opinion of the community on whether Ethereum will ever trade over $1,000 or not. Over participation of 4000 users, a majority of the answers claimed that the virtual asset will surpass the $1000 valuation again just like in 2017.
That was a high expectation from a token which was underperformed consistently in recent times but there is nothing you can confirm in true sincerity in this industry because it is so volatile.
However, that being said, the fundamental chart of ETH did favorably well in Q2 which indicated that the Ethereum-based stablecoin had transacted more than Venmo as reported by Chris Burniske. Ethereum miners took less than 1% of the fees that Venmo took, accentuating the need for decentralized money and blockchain technologies.