Ethereum Struggling to Move Over the $300 Mark. Although many cryptocurrencies have been growing prominently in recent time, Ethereum has been struggling with regards to trying to get up in value. The cryptocurrency has not been able to get back above the $300 level.
Ethereum has been straddling the $300 line for a while and had experienced a few small increases in recent time. The currency was up to nearly $400 at the start of October but it has not been able to go any further in value.
The trading volume for Ethereum has also been relatively limited. The volume has been below $500 million USD for much of the past month. This is less than half of what the volume had been during some of the currency’s more active trading periods.
The decline in the value of Ethereum came following the national ban on ICOs in China in September. Ethereum had been growing as the network started to grow in China and other parts of Asia. But the move by the Chinese government to stop ICOs in the country has kept Ethereum from growing as well as it should.
A Fork Worked
An important part of Ethereum comes from how a hard fork was utilized in recent time. The Byzantium hard fork was produced as a means of establishing a better value for Ether. The hard fork was established as a means of improving upon how the currency can be produced.
Although the fork itself has helped to get the currency to grow, the actions in China have kept the currency from being able to grow as well it people had hoped it would.
The process of using the fork was especially critical for simplifying the currency’s accessibility. It is unclear as to whether any additional options could be used to help with boosting the currency’s stature and making it more efficient and valuable for investment purposes.
Other Currencies In the Way
In addition to China, South Korea has been hurting the value of Ethereum. Many other cryptocurrencies have started to become prominent around the country with Zcash especially growing in popularity. This came as South Korea had about a third of the Ethereum market share beforehand.
Today people around South Korea are aiming to use other currencies to support their investment accounts. This is causing them to stop focusing on Ethereum as much. The United States has since taken the largest share of Ethereum on the open market.
Adoption Is Critical
The potential for Ethereum to grow in value is still strong. There is a real potential for Ethereum to grow in popularity as the currency continues to be an interesting investment. This comes as more people start to see how well the currency can work for many needs.
A major consideration comes from the possibility of Ethereum to be accepted by more retailers and websites. The adoption of Ethereum as a payment option from Overstock.com was an important development. This came as the prominent online retailer continues to support cryptocurrencies by accepting most of them as they appear on the market.
Am a newbie, and quite unsure. What is it all about Ethereum?