The price of Ethereum fell to a 12-month low of $ 228.8 today, falling below the $ 255.05 of September 17, 2017, meeting the expectations of those who they expected a weakening of the support that the ICOs conferred on the second largest cryptocurrency from the beginning of last year.
The price of Ethereum has been roller coaster since it started to rise above the $ 20 range in March 2017. The price reached $ 1,377.72 on January 13, 2018, according to a Coinmarketcap.com, on the rise of the cryptocurrency market at that time. Some analysts attributed a surge to ICOs on the Ethereum blockchain.
After January, the price declined, touching $ 386.59 on April 7, 2018, then rose to $ 830.02 on May 5, before falling to the current Low. The price started in the current year in the upper range of $ 200, reaching $ 283.29 on September 10th, 2017.
Mid-August Rally unsupported
August, Ethereum rose from $ 250 to $ 280 after a 20% decline on August 14 as the crypto market recovered from the fall of bitcoin under the $ 6,000 mark on August 14th. That corrective rally is not continued, however.
The mid-August rally occurred in tandem with $ 120 million of Tether tokens, which signal an inflow of capital
The fall in prices clears the gains in market share
The recent fall of Ethereum has wiped out most of the gains in its market share of cryptocurrencies resulting from the decline in bitcoin. year. On 19 June 2018, Ethereum represented its largest share of the total cryptocurrency market, with 30.63% of the market of 37.82% of the bitcoin, according to coinmarketcap.com. As of September 5, the share of Ethereum had fallen to 11.48% of 54.9% of the bitcoin.
Arthur Hayes, CEO of BitMEX, postulated in mid-August that the price of Ethereum was supported by ICOs that had occurred since the beginning of 2017. Hayes said that ICO investments come from VCs that download their Ether in response to the bear market. He predicted that Ethereum will fall below $ 100.
Other analysts have also predicted that ICO start-ups will sell their Ether.
Crypo Market Struggles
Meanwhile, the general market struggles such as bitcoin suffered one of the worst days since February, losing more than $ 38 billion market capitalization.
Will Woo, an analyst who has been expecting bitcoin to fall below $ 6,000 since May this year, anticipated another market decline before his next rally. He said bitcoin will test $ 6,000 in the short term, even if the market rebounds in the meantime.
Featured image of Shutterstock.
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