Undervalued is a term that will be music to its holders’ ears, as it leaves room for improvement and potentially further investment in a promising asset. Blockfyre issued a similar positive note, arguing that the Ethereum network has seen several reasons for optimism in recent months.
Others chimed in, arguing that the cryptocurrency held a great, if somewhat downplayed, value. Ryan Sean Adams, founder of crypto investment company Mythos Capital, said that the currency was “doubly undervalued.”
In Adams’ words, ETH price will first need to catch up to the actual usage rate of Ethereum and then move to improve its core price.
Others, though, have remained more pessimist about the token’s development prospects, such as Primitive Ventures partner Dovey Wan who cautioned that the increase in usage may have been attributed to the specific use of ETH in illicit activities, such as Ponzi schemes.
Wan did mention that the ETH usage surge has also been occasioned by the wider of adoption of Ethereum in casino gaming. His statement was at odds with Blockfyre’s research, which had indicated that increased gas usage has been one of the reasons why ETH is on its way to reaching its true potential.
Presently, Ethereum is valued at $208,10. The market cap stands at $23 122 320 058 USD with circulating supply worth 111 113 442 ETH.
There’s no debate over the fact that casino gaming has been a major use case for Ether and the wider network. How much of this is illicit, and reasonably compared to ‘ponzi schemes’, is likely low, but as regulation continues, more transparent operators will come to the fore.