Expert analysis: Ethererum’s price is consolidating, not stagnating
Ether's monthly losses now extend to just over 25%.
- Analysts believe that the launch of Binance's various DeFi offerings as well as its NFT marketplace will have a positive impact on Ether's near-term price action.
- If BTC is able to scale up to around AU $59k - AU $65k, experts believe ETH may be in store for another bull run.
- CNN has launched a new NFT project via which users can purchase iconic tokenized news moments that have aired on the station since its launch.
After scaling up to its all-time high value of just under AU $5,650 a little over a month ago, Ethereum, the world's second-largest cryptocurrency by total market capitalization, has continued to dip but is still showcasing a high degree of stability around the AU $3,300 threshold. At press time, the premier altcoin is trading at AU $3,200.
While there are those who claim that the best might be over for ETH (at least for the time being) and that the digital asset is now beginning to stagnate monetarily, there are some who believe that this is just a healthy period of consolidation. In this regard, Finder spoke with DeFi platform Harvest Finance's pseudonymous community foreman 'Red', who commented:
"I do not follow the claim that Ether is stagnant. After a 3 month run of ETH pushing towards AU $6000, stagnant is the last word I would use. Consolidating, yes and having set a higher low, but it is certainly not stagnant".
Similarly, providing his take on the matter, Vassili Volkov, community manager for automated crypto trading platform Kryll.io, told Finder that if the ongoing maximalist bitcoin wave continues into the future, we may get to see the altcoin market getting a major boost in the near term, especially in the wake of Binance recently launching it's very own NFT and DeFi platforms. He further added:
"The plateau and stagnation of ETH is partly related to the pullback on Bitcoin since the May 19 dump. When BTC hits resistance levels like AU $59k - AU $65k again, the market will return to an overall positive sentiment with BTC and USDT dominance that can once again spill over into altcoins"
NFT mania ain't over yet by a long shot
After many "so-called" experts were claiming that the NFT bubble had popped, it seems as though the market is not only well but is continuing to attract a lot of mainstream attention with each passing day. This was recently highlighted when news media outlet CNN announced that it was all set to follow in the footsteps of its rivals Fox and Time Magazine to issue its very own NFTs — related to certain historic news moments that were aired live on the channel.
Dubbed "Vault by CNN: Moments That Changed Us", the project seeks to make available a number of iconic tokenized reels/still frames from its 40+ running history to crypto enthusiasts globally. Not only that, the company will also be providing buyers with a digital vault to purchase, store and display their collections.
Disclosure: The author owns a range of cryptocurrencies at the time of writing