Lubin Calls Bear Market Bottom as Eth Jumps 15%
TLDR: Ethereum co-founder Joseph Lubin calls the crypto bear market bottom as market jumps 15%.
Joseph Lubin took to Twitter earlier today to announce the end of the crypto bear market.
Eth jumped 15% in 24 hours, with one Ether now worth $130. Despite the move, Ethereum still trails Ripple, with the third highest market cap.
The Ethereum co-founder and founder of Consensys took the opportunity to push back at Eth’s many critics throughout this year long bear market, which saw the cryptocurrency fall by 90% in value.
Throughout the bear market Lubin has been consistently positive, citing ongoing development on the Ethereum protocol.
But despite the positive outlook, ConsenSys has been through difficult times this year. It was recently announced the company had been forced to lay off almost half of its workforce, affecting over 600 members of staff.
While Lubin refers to the changes to the organisation as a “rebalancing”, critics saw the move as evidence of deeper flaws within the unconventional organisation.
ConsenSys has drawn skepticism from mainstream commentators, with a power-sharing hierarchy and open approach to development. The news of the firings was taken by many as proof that such an organisation couldn’t succeed.
But accusations of inefficiency within ConsenSys and with blockchain technology as a whole fly in the face of the numbers. According to figures, development in 2018 has reached record breaking levels.
Two ConsenSys projects, Truffle, a developer toolkit, and Metamask, a browser extension connecting users with the blockchain breached one million downloads. The year also saw a record number of transactions on the network, as well number of new ether accounts opened.
While recent price increases may make way for further drops in the market as we move through the new year, Lubin remains optimistic about the future of Ethereum and cryptocurrencies in general.
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