So with the Byzantium update coming up I wanted to discuss ethereum and it’s current drop in price.
I figure that ethereum is a great long term player however I do have some serious issues with its price action going in to one of the next big updates for the network. If we look back over the past few months we can see that i had a fantastic run and became the 2nd largest player in market but it's also very prone to be volitile because it came up so fast.
The problem lies in the fact that it's not keeping up a bitcoin. As both currencies are going into their forks in the coming this month there is debate which one is going to be more optimistic, bitcoin with bitcoin gold or ethereum with byzantium.
Short term the problem for ethereum lies in the fact that bitcoin investors are going to get free bitcoin and people will buy more bitcoin leading up to the update. Same thing we saw with Bitcoin cash. When people get the opportunity to finally sell it that money will flow back into altcoins. If you are a long term investor I wouldn’t worry too much but I think that there's a great opportunity in a short window of time to get out of etherium wait for a pullback to come and be able to buy back cheap.
I personaly like and I am invested in ethereum long term, I definitely see why it has the valuation it does because of its absolutely massive community and scale of adoption within the period of time it's been around and there is just an absolute abundance of opportunities for ethereum in the future. It's become a large part of the cryptocurrency space and its been rightfully placed 2nd in the cryptocurrency market.
