Ethereum co-founder and CEO of ConsenSys Inc. Joseph Lubin in an interview with Bloomberg said that he did not believe the recent collapse in cryptocurrency market are large enough that the industry ceased to develop.
Lubin believes that the price spikes of last year was just another bubble as the previous “six big bubbles, each of which is even more epic than the previous one.
He added that on closer examination these peaks look like “pimples on the chart”. Lubin said each bubble, and the recent in particular, contributes to the growth of the industry.
… we build more basic infrastructure, see the correction, and the potential each time more impressive … I am absolutely sure that there is a strong correlation between price growth and the growth of basic infrastructure in the ecosystem, as well as the overall development of the ecosystem. The community of developers involved in the industry has increased at least two orders of magnitude, compared with what it was eight or ten months ago.
Lubin explains the volatility of a large number of speculative investors present in the region, but this is not necessarily an indication of improved basic infrastructure.
Recall that yesterday Ethereum (ETH) fell to a 9-month low and was trading around USD 260. In recent times, the price of the cryptocurrency fell below the mark of $ 300 in early November 2017. Today, the price has slightly corrected and is located in the area of 288 dollars.