In a recent interview with Opinion columnist Noah Smith, Vitalik Buterin affirmed that he knew that the cryptocurrency bull market would eventually come to an end.
He said he had started seeing people thinking that these high prices were the “new normal”. However, he knew personally that it was not going to go on like this for long.
He also noted that crypto bubbles typically last for up to nine months. Buterin mentioned that the previous surge was overextended, roughly lasting a year and a half.
Overall, Canadian programmers have dismissed the seriousness of the recent price correction, chalking it up to cyclical dynamics. According to Buterin, low crypto prices do not indicate any fundamental flaw within the cryptocurrency market.
The Terra crash, earlier this year, is an example of an unsustainable business model that only succeeded during the bull market and exploded later.
ETH is struggling to recover before the merge upgrade and its price is down 67.44% from its all-time high.
Crypto’s Volatility May Decrease With Time
Buterin mentioned that in the medium-term future, cryptocurrencies will settle down and become approximately as volatile as gold or the stock market. At what level they shall settle down on- that’s the question to talk about.
Canadian programmers who believe crypto will disappear or take over the world 20 years from now will be less likely if it manages to succeed in specific areas such as stores of value and become “The Linux of Finance.”
Ethereum Could Be Dropping To $1,000 Soon
As per Bloomberg, Ethereum, which touched $2,000 last month, could soon drop to $1,000 or less. The charts below indicate the same:
Bloomberg also cited technical indicators to suggest that ETH could decline from the August high of $2,000 to the current $1,588 level. Even as the much-anticipated merge upgrade draws near, the downside may be there.
