Bitfinex Whale Doubts Ethereum Will Ever Revisit Its All-Time High of $1,400

Ethereum has seen recent fundamental strength with an uptick in adoption and users largely due to DeFi. This recent development has led some to suggest that the cryptocurrency will eventually revisit its all-time high price. In 2018, the prominent altcoin peaked at around $1,450 on major exchanges at the peak of the 2018 boom. A […]
Nick Chong
Posted by Nick Chong July 23, 2020 2 Mins Read
Ethereum has seen recent fundamental strength with an uptick in adoption and users largely due to DeFi. This recent development has led some to suggest that the cryptocurrency will eventually revisit its all-time high price. In 2018, the prominent altcoin peaked at around $1,450 on major exchanges at the peak of the 2018 boom. A […]
  • Ethereum has seen recent fundamental strength with an uptick in adoption and users largely due to DeFi.
  • This recent development has led some to suggest that the cryptocurrency will eventually revisit its all-time high price. In 2018, the prominent altcoin peaked at around $1,450 on major exchanges at the peak of the 2018 boom.
  • A top Bitfinex trader is hesitant to believe, though, that Ethereum will revisit that high.

Ethereum has done rather well over the past 24 hours. The popular cryptocurrency surged 8% higher in five minutes early during Thursday’s trading session. This latest move has convinced some that ETH is on the verge of a macro bull run that will end with the asset at new highs.

Ethereum
Chart of Ethereum price action from TradingView.com

According to “Joe007,” a trader that has verifiably made dozens of millions while trading, this sentiment is incorrect.

Top Bitcoin Investor Doubts Ethereum Will Hit $1,400 High Again

In a comment shared on July 21, Joe007 said that he doesn’t think Ethereum will ever revisit its highs again:

“I highly doubt that ETH/BCH etc ever return to their ATH. Even if shitcoins won’t die out in general due to human stupidity, the new waves of dumb money will likely flow into newer and shinier scams rather than the old tired ETH or forkcoin con games.”
For context, ETH rallying to its $1,450 high from the current price of $262 would require a 450% move higher. This is not infeasible by crypto standards, but the trader thinks money will flow to “newer and shiner scams.”

The investor has long been a critic of Ethereum’s narratives, especially DeFi and ETH 2.0.

He previously said that he thinks DeFi is a marketing scheme for the asset that provides little fundamental value. It was added that DeFi is also a “Rube Goldberg machine.” In terms of ETH 2.0 and staking, Joe007 has commented that it is a “scam” by the developers.

It is important to note that Joe007 is largely anti-altcoin. 

The sentiment that Ethereum won’t reach new highs has been echoed by Avi Felman of BlockTower Capital:

“The ETH all time high price is likely a red herring, and was driven by a very specific dynamic (buy ETH to place in ICOs, no sell pressure because ICO treasuries didn’t think about that). “

Bulls Beg to Differ

This latest comment from the investor, as aforementioned, comes as more and more investors have begun to expect new Ethereum highs. Joseph Todaro, a managing partner of Blocktown Capital, said in June:

“In 2017 ICOs aided in moving ETH beyond $100 billion marketcap. In this next cycle, Defi will likely help push ETH to $1 trillion marketcap.”

Placeholder Capital’s Chris Burniske has also commented that Ethereum could reach $7,500 in the upcoming bull cycle. He said that ETH will surge due to its on-chain economies and it being seen as the “new kid on the block” by retail.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Bitfinex Whale Doubts Ethereum Will Ever Revisit Its All-Time High of $1,400
Tags: