Ethereum could potentially be one of the only coins that will be able to survive the most recent large pullback in the cryptocurrency world. The coin has managed to pull back around 46%, and recovered slightly. Ethereum currently stands at around $106 billion in market capitalization and around $2.8 billion in trading volume. After the coin managed to reach its five millionth block earlier in the month, transactions for the coin have continued to decline in time it takes to go through. Ethereum currently remains undervalued considering the wide array of use it has and utility it can offer to the entirety of the cryptocurrency world.
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The supply of Ethereum per day has managed to stabilize after the coins most recent hard fork. This shows the continuous work that the team behind the coin is committed to doing. Those who run the coin are continuing to encourage the use of Proof of Stake or POS mining as opposed to Proof of Work or POW mining. POS mining not only uses less electricity, but it also decreases the amount of coin issuance. There may be a new hard fork for the coin as Casper, the new consensus algorithm could be introduced in the near future. The hopes are that POW mining will begin to dissipate altogether.
According to the report on the coin “”ETH trading volume has been led by Bitcoin (BTC), Tether (USDT), and the US Dollar (USD) markets. South Korean Won (KRW) trading volume remains down compared to the previous months, likely due to regulatory constraints surrounding anonymous banking and trading accounts.” The hopes are high that the coin can continue to prove its worth throughout the difficulties that the cryptocurrency market has been facing in recent times.