The price of Ethereum has taken another turn, seeing it fall on the new lows of the year and on levels not seen since May of last year.
In the last few hours, the price of Ethereum has declined again, this time below $ 120, a level that has not been seen since mid-May of last year. The aggregate price of the CryptoCompare Index shows a price lower than $ 118.18 compared to the US dollar in the early hours of Friday morning (GMT) – while on Coinbase, the price of the USD has reached a minimum of $ 116.
The further decline comes with a further drop of 8.5% in the last 24 hours for the somewhat cramped crypt, which has been subjected to strong price pressures by a mid-September dip that led to less than $ 200 for the first time in 2018 – a waterline that subsequently struggled to stay above, until the downward pull of the encrypted market as a whole saw another 40% erased from its value in the last 10 days.
Ethereum is now ranked third in the market capitalization shares behind Bitcoin and XRP, at a price that scores somewhere 90% north of the all-time high valuation since mid-January this year. This decline has occurred due to concerns about the low diffusion of decentralized applications (dApps) in the entire cryptographic space as a whole, as well as the challenges of other similar platforms, including EOS. Ethereum has also found concerns about its ability to scale on high demand in case a mass adoption of a dApp occurs using its platform and indefinitely for the implementation of the necessary protocol changes to cope with it. at this event.
While layoffs at the beginning of the year were initially attributed to Ethereum's ICOs that "cashed" the declining crypt to ensure they retain the funds needed to operate, BitMEX's research claims that most of the offers of coins based on Eth had profited sufficiently from the price hikes of Ethereum after their sales, which were unlikely to be in financial difficulty.
However, any ICO with a large ETH stock exchange still in its books – and it depends on that for the current loan – is likely to be looking at the markets very nervously right now, as far as the team behind the crypt is relaxed about the price .