Mainstream media has recently been sparking the question, “is Ethereum (ETH) dead?” Most journalists running these stories were referring to Ether or ETH, the digital token that runs on the Ethereum network.
Ethereum (ETH) Dead?
The reason the questions were prompted most likely had to do with ETH hitting 2018 lows recently. Most of the market, however, was also dropping at the time.
Despite its downturn, Ethereum has held strong as the second-largest cryptocurrency by its total market cap. Ripple (XRP), the third-largest cryptocurrency, is around $10 billion behind ETH.
Ethereum has faced some serious competition in the blockchain community. Bitcoin was the first cryptocurrency and blockchain. Next, came Ethereum, which built smart contracts on top of its blockchain, making it far more useful and functional than Bitcoin’s original blockchain.
Since it was the first blockchain-based project to develop smart contracts, other projects learned from Ethereum’s initial mistakes and have solved its scalability issue from the get-go. ETH developers are currently trying to solve its current scaling issue, as the network isn’t equipped to handle large volumes of transactions.
Most of the initial coin offerings (ICOs) held in 2017 and 2018 were done so on the ETH blockchain. So, that brings up the question then, “is Ethereum dead?”
ETH Breaks 12-Month Record
Yesterday, daily trading volume for ETH hit a 12-month high. According to CoinMarketCap, the second-largest cryptocurrency witnessed $850,000 in 24-hour trade volume yesterday.
This is the highest daily level that has been reached since September 15th, according to Bitfinex data. Further, the current weekly volume of $2.9 million is the highest Ether has seen since mid-December.
While Ether developers may be scrambling to come up with scaling solutions, this clearly shows investors haven’t given up on the project. At press time, ETH is currently trading in the green at $214.95 a coin, up 4.59%, in 24 hours.
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