Co-Founder of Ethereum Expects New Highs for the Crypto Market

MoneyConf / Flickr
Voyager
Voyager

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.

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.

CoinCodex
More: Ethereum Co-Founder Joseph Lubin Says Speculators Driving Price Swings
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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts