Ethereum Is Back!

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Ethereum

Ethereum is back!

After all the crashes, Ethereum has proven its resiliency as it starts to rise again! The weekend has not been kind to Ethereum as it tumbled at a low price, but it has proved to everyone that just like its top competitor, it is also capable of rising again to its usual high state.

Ethereum is making a big comeback after crashing over the weekend. The once red-hot cryptocurrency tumbled about 25% to a low of $140 an ether. It’s currently trading at $166.

At its low point, Ethereum was down 65% from its record high of $395 set on June 13.

The weekend selling was not unexpected. Ethereum’s share of the cryptocurrency universe climbed to 30% on June 22. It was just 5% of the cryptocurrency market at the beginning of the year.

Last week, Mati Greenspan, an analysts with trading platform eToro, told Business Insider a correction was a long time coming. “Anything that goes up that far, that fast has to have some sort of correction,” he said.

Talk of a cryptocurrency bubble and a rise in popularity of Initial Coin Offerings have been pressuring prices as of late. Ethereum shook investor confidence on June 21 when a flash crash caused its price tumble from $296 to $0.10 in a matter of minutes before recouping its losses.

Also weighing on Ethereum as of late has been the uncertainty surrounding bitcoin. Investors are gearing up for the August 1 deadline for a decision on how the cryptocurrency will be structured going forward. That decision could impact which cryptocurrency investors choose.

Even with Ethereum’s big weekend drop, it’s still up 1,968% in 2017.

via Business Insider


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