Ether Price Can Reach Level Of Spring 2017: Arthur Hayes
Arthur Hayes, CEO of the BitMEX trading platform, expressed in the digest for crypto traders the opinion that the ether's price in the future may be adjusted to the level of the spring 2017.
Hayes stated in his article that the growth of ether coincided with the peak of the ICO's popularity at the beginning of the last year. Investors began to invest in this cryptocurrency without having the skills for crypto trading. Today, when the crypto market has dropped significantly, they get rid of their assets, strengthening the general panic.
Such trends can lead to further ether's weakening. The crypto can reach the lowest level of value for the entire time and get below $100 as in spring 2017.
The head of BitMEX suggested that the bitcoin's price might drop significantly, too. The psychological mark or "local bottom" for bitcoin will be its cost of $5000. This will happen if the US regulatory financial institutions do not make positive decisions regarding the crypto sphere.
One of the representatives of the major mining pools agrees with Hayes that if the BTC price drops to $5,000, Chinese miners will consider other countries for placing their equipment since now they are paying an average of 6-7 cents per kWh. If the price drops to $4,000 or $3,000, they will stop working completely.
According to CoinMarketCap's data as of August 16, 10:24 (UTC), ether is estimated at $293 with a market capitalization of $29.6 billion. The market capitalization of bitcoin is $110.5 billion, its price amounts to $6419.
Earlier, Joseph Lubin, the Ethereum platform's co-founder and CEO at ConsenSys Inc., expressed the opinion that the recent collapse on the crypto market will not prevent the further growth of prices for digital assets.