Ethereum has been considered the successor of Bitcoin. It is the only altcoin that is likely to take over Bitcoin in terms of value in the coming future. Moreover, its owner has implemented it in a way that is light years ahead of Bitcoin. Bitcoin was more of an experiment when it came to crypto. However, that applies to all pioneers in every industry. Ethereum took the basics of crypto and enhanced their technology. Thus, they are able to handle big loads on their chain.
Even though crypto and DeFi is predicted to see a rise as well as integration into the mainstream, the drop in prices are worrisome. The 53% drop in Ethereum has convinced many that crypto might actually be a bubble. But the truth is far more complex than that. A lot of factors have to be taken into consideration, such as the impact of the pandemic on the economy in general and the larger trend in finance. In fact, the drop has been seen with various other tokens too. Amidst this, Polygon and Loopring are offering very low L2 fees. There is a lot of uncertainty in the market as of now.
Some experts, however, are asking people to keep calm and not withdraw on losses in panic. Some are even buying the dip by placing their full faith in Ethereum. This is another testament to many investors’ faith in the technology behind Ethereum. All in all, only time will tell how Ethereum fares.