This year, Ethereum (ETH) obviously had its lows, but its lowest this 2018 was seen in November, where the coin now trades below $130.
XRP overtook Ethereum at the beginning of the November dip, and is currently ranked as the 3rd largest cryptocurrency. In several weeks, Bitcoin lost billions which now stands around $12 billion in market cap, while XRP was able to overtake Ethereum with 16 billion.
Ethereum is still reducing, dropping by almost -30% last week, making it seem like it might not recover soon.
Ethereum (ETH) Price Today – BTC / USD
Is there a possibility of Ethereum recovering from its lowest price?
Although Ethereum managed to make some gains and attain the value of $224 in October, Ethereum soon began to drop with the dipping market. Currently, Ethereum has dropped below $130, and trades at $122.
In September, when Ethereum first dropped below $200, Vitalik Buterin (Ethereum founder) said that he wouldn’t be taken aback if Ethereum drops down to $0 by the time December ends. This statement has probably affected Ethereum negatively, which has probably scared away some investors and holders.
Ethereum was considered to be facing a hard time in the market even before the occurrence of the November dip, facing losses at an accelerated rate in recent months due to its scalability issues.
With Ethereum Implementing Its Scalability Solution, It Is More Likely To Rise
We are yet to know when the implementation of the scalability solution will take place. However, Buterin has already said that the team is already working to provide scalability solutions for the cryptocurrency.
Ethereum, after implementing its Sharding protocol which was first presented by Zilliqa (ZIL), will be able to scale its network, which should put an end to all its scalability issues.
However, with the market’s current look, Ethereum (ETH) may not see any good improvement by the time the year comes to an end. If the market trends becomes positive, then it is possible that ETH benefits from this and make its way for a possible recovery.