Tom Lee Is Hopeful that Ethereum will Bounce Back After Its Massive TurnaroundSeptember 30, 2018
Ethereum experienced a hard challenge in the past few months, but it is able to come back this year, this what Tom Lee a renowned crypto fanatic believe.
Ethereum is the second biggest digital currency in the world that experienced a significant drop in its value since January. This digital asset suffered a 70% loss and can’t seem to find its footing after a 2017 breakout. In just a matter of three months, Ethereum had declined 50% and for the most part, underperformed other major digital currencies.
According to Tom Lee, head of research at an independent equity research company Fundstrat Global Advisors located in New York City, Ethereum saw the main trend turnaround. He also believes that this digital currency is about to step a trend turnaround firmly.
Ether was in the spotlight last year due to its remarkable value. It does better than its predecessor BTC, but this year it has been a new story. Investor tolerance is wearing thin — typical acceptance and taking is not yet here. Now people are able to short the market. Blockchain rivalries which include EOS are firing up to be the peak stage for many developers.
Tom Lee work as a J.P. Morgan Chief Equity Strategist, and he stated that digital currency was “strong-willed” by a profound supply being traded from EOS that developed its platform on ETH and then changed it to its own latest token. He also emphasized questions concerning its blockchain system’s road-map.
For the meantime, Tom Lee believes emotion and reaction are overly unconstructive and degrading on Ethereum at this point. Despite the fact that it has underperformed its rivalries by two regular differences, he believes that is an indication of submission.
The name of the digital currency is Ether but is closely related to the popular Ethereum blockchain. Not BTC that offers access to an international network of monetary, Ether, on the other hand, gives the user access to a digital system. Ether is compared to gas use in car, and this is because users can use this as fuel for specific functions on which blockchain technology. Investors of digital currency consider Ether as an opportunity, increasing the value over USD1, 100 in the past few months. According to the latest report, ether has a trading price of almost USD220.
In spite of the remarkable turnaround of Ether, Tom Lee is not reluctant that ether will bounce back the few months.