02 Feb Ethereum (ETH) Remains Strong Despite Panicked Market
It’s been a tough day on the cryptocurrency market, as rumors flew of yet another “ban” on cryptocurrency. Various news outlets claimed early this morning that India’s Finance Minister, Arun Jaitley, said that the country would be banning all cryptocurrency assets. However, that was not the case but it seems like a group of investors have believed the sources without doing any sort of research of their own. In a budget meaning this morning the minister said:
“The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system. The Government will explore the use of blockchain technology proactively for ushering in the digital economy.”
How the news media could twist this, is beyond me but it did not bode well for the entire cryptocurrency market. The market has dropped around $50 billion USD, in just 24 hours as investors began panic selling once more. India currently holds 10 percent of all bitcoin transactions, and why the market was spooked is beyond me.
As you can see from the chart above, the top ten cryptocurrencies are taking a major beating today. However, Ethereum seems to be the strongest out of the group with it being just under the -10% mark. Ethereum’s team of developers are currently working on implementing a protocol desperately needed for the scalability of the Ethereum blockchain. Ethereum’s Founder, Vitalik Buterin, said that its final stage of the new protocol is just about finished and the test net should be ready to go shortly.
That is exciting news for ETH holders. If its team of developers can get fix its scalability issues before Bitcoin’s, the cryptocurrency could become the largest by market cap for the very first time. Currently, it’s only around $50 billion away from passing the original cryptocurrency.
Despite major selloffs across the board, it seems that a group of Ethereum loyalists are sticking behind the project and holding tight to their ETH. Ethereum is the altcoin to watch in the near future, as it just might pass the long-standing leader.
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Featured Image: NewsBTC