John McAfee: Ethereum Is Indispensable for Cryptocurrency Market

April 2, 2018

Traders usually consider Ethereum (ETH) as a direct competitor to Bitcoin (BTC) and as a coin without huge prospects and with the limited growth. However, it can play the crucial role in the future. 

A famous businessman John McAfee recently found that falls on the cryptocurrency market and Ethereum are somewhat connected.

He tweeted:

"Here's what I find funny: Ethereum is trashed more than any currency, and yet no currency is more necessary and central due to It's smart contract platform that is used by more than 50% of all new altcoins. It's like everyone values water, but not the containers it is carried in."

On March 29 the price of ETH fell below $400. This fall happened along with the relatively high trading volume of $2 billion. Moreover, ETH's share of the market has increased to 12.3%.

Ethereum is indeed important, as it plays a large role in creating trading pairs for most of the altcoins. In the future ETH will pay all costs on gas, as the amount of distributed applications and smart contracts will grow. But for now Ethereum is correcting and has already lost more than 75% from its peak price. Even the current usage of the market can not support the price of ETH.

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