Despite ethereum’s meteoric rise in 2017, some experts say it is not in a cryptocurrency bubble.
The cryptocurrency space has grown at an astonishing rate in 2017, and ethereum is a prime example. The world’s second-largest digital currency by market cap started off the year at just $8 per coin. As of this writing, it is hovering around $333 per coin. This is a gain of nearly 40 times in the span of less than 12 months.
By many analysts’ estimates, ethereum may be a sign that the cryptocurrency world more broadly is in a bubble.
The fact that bitcoin keeps setting new price records and that numerous other cryptocurrencies have made similar gains only adds fuel to the fire. And yet, a recent article by Forbes suggests that ethereum may not be part of a bubble.
Digital Currencies in a Bear Market
Although ethereum, bitcoin, and other leading digital currencies have made tremendous gains this year, by some measure they are actually in a bear market. This is because several of these cryptocurrencies have dropped about 20% from a 52-week high. This is one factor that supporters of the movement point to as a sign that ethereum may not be in a bubble…
