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