Looks Like Ether Is Having Say In Bitcoin Downfall
With the fall in the prices by nearly $10, Bitcoin has come to a stand still. But more importantly, what is the cause of this decline? Is it because of ether or do Bitcoin have only themselves to blame?
When the prices of Bitcoin originally fell, a lot of analysts said that they had predicted such a drop. But witnessing the withstanding decline, they are now of the opinion that they feel the future of Bitcoin, is not too bright. It surely cannot be a co-incidence that this fall in Bitcoin, has happened simultaneously when, rivals Ether have enjoyed a successful period, to say the least. Possibly because of one of the ‘largest crowdfunding campaigns’, Ether have experienced a sharp rise in prices. It looks like Bitcoin’s reign is finally drawing to an end.
Ether is being careful not to join other such companies into the “ignore file”. The fact that Coinbase, are taking such a big and drastic step for the sole purpose of being able to trade Ethereum. They have decided to get their named changed from, ‘Coinbase’ to ‘Global Digital Asset Exchange’, solely for this very purpose. This initiative taken by Coinbase, to add a new digital currency to its trading platform has received positive feedback from many people all around the world.
Naturally, there are a set of people who believe so otherwise. They are of the opinion that this sudden growth of ether is not going to be sustainable for a long period, and the prowess will soon fall back upon Bitcoin. In support of their argument, they say that once stakeholders are allowed to withdraw their money invested in the DAO project, the situation for Ethereum will not be looking too good.
This DAO project is considered to be one the latest and most effective means of storing capital, already managing to raise a staggering amount of $160 billion from Ethereum’s kickstarter campaign.
What are your thoughts? Who will come out as the ultimate crypto-coin altogether?