Most of the cryptocurrencies are down by over 75% from the peaks. This clearly indicates that the recovery path will be pretty long as well if they have to attain similar rights. The problem is that many investors and traders are not sure which of the cryptocurrencies will recover the fastest. You have to first and foremost understand that Altcoins might not be able to gain the same momentum as earlier. Therefore, you have to look at the mainstream cryptocurrencies for the same.
Will Ethereum (ETH) be the fastest cryptocurrency to bounce back?
When you look at the other mainstream cryptocurrencies like Bitcoin (BTC) and Ripple (XRP), you will realize that none of them are down by over 89%. Thus among the top 3 cryptocurrencies, Ethereum (ETH) has arguably befallen the most. Also, after the current fall, it seems like most of the top cryptocurrencies are oversold as well. When you look at the RSI and other indicators, you will realize that the bounce back might be coming. While it may not take the cryptocurrencies to the earlier highs but it will certainly induce momentum into most of the top cryptocurrencies.
Moreover, the market fears that the ICO market for Ethereum (ETH) is drying up, while might be true to a certain extent but the other applications of the Ethereum (ETH) blockchain are going pretty strong. Owing to this very reason, Ethereum (ETH) can bounce back swiftly. There are a wide variety of applications and decentralized apps being built are using smart contracts on the Ethereum (ETH) blockchain. The development on the Ethereum (ETH) blockchain has not ceased to happen. The market is factoring in a pretty negative scenario due to which, Ethereum (ETH) has fallen so significantly.
Thus, if you’re on the lookout for cryptocurrencies which might bounce back the fastest, you should definitely keep Ethereum (ETH) on your radar.