Irrespective of the collapse of the crypto verse lately, it is time for Ethereum (ETH) to finally realize that it is degrading down further. Not only it had lost its glorious second position, but it had also been falling down further as if it knows not where to stop. However, the experts predict that the month of December may prove to be lucky for Ethereum as HTC blockchain Exodus Phone is all to be shipped which is said to accept transactions only in terms of Bitcoin and Ethereum. This deal may help save Ethereum from its recent declining condition, so to say and perhaps give it a heightened credit to its performance once more.
January 2019 brings the Constantinople hard fork for Ethereum. From next year onwards, thus, the blocks times are expected to multiply by a few times if not several immediately. 30 seconds block time is the goal until March 2019. Ethereum leaders are of the opinion that Ethereum 2.0 which is known to incorporate the Casper Upgrade, Ethereum’s upcoming proof-of-stake (PoS) algorithm.
Vitalik Buterin predicted the future of Ethereum in the TechCrunch Sessions Blockchain event in Switzerland’s “Crypto Valley.” Even though the transition has been already pre-planned to be implemented during the final upsurge called ‘Serenity’ the Ethereum network had already started to take smaller steps towards it since its foundation. It has been said that Serenity of Ethereum 2.0 would trigger up to 1000x of its volume. This particular roadmap is called Metropolis, involving Constantinople and Byzantium, mentioned in Ethereum roadmap in the year 2019.
Therefore, it can also be expected that Ethereum would not only perform better but regain its second position ousting XRP from its place. In fact, there are currently 500 actively traded Ethereum which addresses among the largest 1000 addresses. Ethereum on a large scale had been collected since January this year. It is thus to note that 2018 has also been the year of success for Ethereum which cannot be shrouded with the recent fall altogether. At the end of November, Ethereum had to its possession about 20 million ETH, which worth more than $2.2 billion. This is only 20% of the total circulating supply.
According to the Diar Report-
“The massive growth in Ether holdings by active whales could, and most likely is, the result of traders exiting the trading of tokens, most of which have been paired with ETH, which has plummeted by all accounts versus the start of the year.”
The co-founder of Ethereum and the founder of ConsenSys, Joseph Lubin opined that:
“Blockchain is more than a market. It’s a movement. Market cap doesn’t reflect (sic) activity. Decentralized networks are growing. 10 billion daily API requests served by Infura. 1 million Truffle downloads. 1 million MetaMask downloads. 12,000 live Ethereum nodes. 48 million unique Ethereum addresses. 3 times LinkedIn blockchain job openings.”
In spite of the fact that the bear market during which Ethereum lost 92 per cent of its value from its peak on January 13, the user base of the blockchain protocol has increased substantially and the infrastructure supporting the ecosystem has strengthened prominently.
The Ethereum ecosystem had been continuously making efforts to rise since the last eleven months, which had gone unnoticed by many. However, Lubin remains optimistic about Ethereum blockchain and its long-term growth:
“I believe in blockchain technology because of the people behind it. The developers, engineers, and technologists who build. The smart contract experts who audit and secure the code. The designers who care deeply about user experience. The marketers who tell the story of Web3.”
Despite the fact that a large amount of ETH has been raised from the token sale, most of the ICOs hoard a large amount of Ethereum. An analyst at HASH CIB wrote:
“Given the data we have, we are confident to say that ICO projects reacted to the market conditions, rather than dictated them. The treasuries currently still hold a minimum of 3.4% of the total ethereum supply. Our findings have been confirmed by separate researchers. And contradicted by some — most probably, due to reporters equalling all of the ETH moved to ETH directly sold.”
At the time of writing, Ethereum (ETH) has been trading at $11,242,119,809, being priced at $108.51 and a circulating supply of 103,605,587.