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Monday, 17 July 2017

Finance: Ethereum is making a big comeback after crashing over the weekend

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Ethereum is still up 1,968% in 2017.

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.



from pulse.ng - Nigeria's entertainment & lifestyle platform online

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