Co-Founder of Ethereum Expects New Highs for the Crypto Market
Ethereum (ETH) co-founder and ConsenSys CEO Joseph Lubin doesn’t see the latest cryptocurrency pull-back as a major deterrent for long-term growth and expects new highs for the crypto market as the underlying infrastructure continues to expand.
A big thanks to @crypto and @ErikSchatzker for having me on @BloombergTV this afternoon. Prices may go down, but the amount of excited #Ethereum developers building incredible decentralized applications is only increasing by the day. pic.twitter.com/3ildlsSz4i
— Joseph Lubin (@ethereumJoseph) August 14, 2018
In a recent interview on Bloomberg TV, Lubin broke down the current state of the market, emphasizing that the latest bubble will ultimately be nothing more than another blip on the chart of industries overall market capitalization.
We’ve seen six big bubbles, and each more epic [than the last]. When you look back. each seem like little pimples on a chart.
Lubin went on to state that the current fluctuations in price are driven by speculative investors, and is not necessarily indicative of the growth of the underlying infrastructure. He also noted that the developer ecosystem is significantly larger than it was even 8 months ago, and believes that the next price run-up will correlate to that growth.
Lubin also commented on the current competitive landscape of blockchain platforms, noting that he doesn’t see Ripple (XRP) or EOS (EOS) as competitors to Ethereum, given their relative centralization.
The price of ETH has dropped more than 33% over the last week and currently stands at $260, with a market capitalization of $28 billion. Despite the massive losses, ETH is still ranked 2nd in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
Related: Ethereum (ETH) Drops Below $300
Photo: Stephen McCarthy / MoneyConf / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.