Ethereum, and cryptos more generally, have perhaps not previously seen a more brutal five weeks of complete red, at least in dollar amounts.
Down some $900 to a current price of $385, some $500 per eth gone in the red winter March that has now just past.
Bitcoin has faired a bit better. It had one green week during the same period, but still very much down.
The currency has somewhat halved during the past five weeks, from around $12,000 to nearly $6,000 before recovering to the current price of around $7,000.
Why eth seems to be suffering a bit more can perhaps only be explained by the mega ICOs which at times can be far too happy to sell all the eth they were given back in 2017.
But it can also be because ethereum remains very much unknown, while bitcoin is now pretty much mainstream, at least in awareness.
If you ask a random person about bitcoin they’ll probably say something about some currency on the internet. If you ask them about eth, you’d be lucky if anyone said some world computer thing.
Which could potentially mean eth has a lot more to go, but right now it does seem to be somewhat obsessed with BTC to the point it perhaps even front-runs its price movements.
Instead of having a mind of its own, considering it has its own fiat pipelines, the young one might rather be looking up to grandpa all the time.
Although, as the candles show, they do sort of do their own thing sometime. Just as we do need a violin for Bitcoin Cash.
The currency is down almost 90%, from $4,000 to $600s in a brutal sell-off. That’s despite it now having pretty much the same infrastructure as bitcoin.
More than that, that’s despite it now being accepted by Microsoft for payments, or Newegg, Overstock, anyone who accepts bitcoin through BitPay. That being some 100,000 merchants.
Yet, even that hasn’t managed to have five weeks of red since all-time high (ATH), so managing to get a green candle there.
Which raises the question of whether ethereum will, for the first time since memory can recall, have a sixth week of red?
Now that we leave to the market because we can’t quite understand this alchemy of how a platform that has far more transactions manages to have a lower market cap and more than that manages to fall more than the one that’s used far less.
And not just used far less, but suffered reverse adoption, with many use cases, including remittance, thrown out.
It may well be it is as simple as the market can be irrational, just as it may well be we are perhaps missing something or indeed the market is missing something.
And what that something might be is perhaps this emotional attachment, and even brainwashing, seen in certain crypto-spaces, especially for newcomers.
For lest we forget, many bitcoiners loudly called ethereum a scam in 2014 and 2015. And repeated that endlessly. Many took that at face value, cared not to look any further, and missed what could have been the best investment of their life.
But that initial brainwashing eventually wears off. No one calls eth a scam now for example, not believably anyway, yet everyone does still think that something which is now so different still has the same allure it does.
That could well be because information is very picky. It likes to make one work for it. Because naturally older information is more available than newer ones. Which creates a hierarchical strata of sorts, giving rise to a certain truth.
Some live in the future, but not all. Looked from this future they live, some are five years behind, some ten, some a century, some an entire millennia.
And if we look at it from here still, and from this perspective only, does anyone care of their current judgment? Or should one instead care of their judgment once they learn of what current “future people” know?
That is to say, can one really believe censorship, brainwashing, manipulation, truly works? Can one believe so even when all have a clear and easy choice?
Then, if such belief they hold, how do they explain the rise of man?