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28 December 2018 15: 30 & nbspUTC
| updated:
December 28, 2018 at 15: 30 & nbspUTC
The end of this year did not make the cryptocurrency industry happy at all.
Most cryptocurrencies have declined from their previous positions at the beginning of the year.
The falls were spectacular and the bubble exploded.
In the midst of this chaos, even the popular cryptocurrency Ethereum has fallen victim to a great tragedy.
Having lost to Ripple over the second position in the cryptocurrency classification, Ethereum has tried to cure his injuries.
However, it continues to succumb to new injuries. The price of Ethereum continues to decline over the days. But why? Let's see it.
You can also read: What is Ethereum?
Price analysis
If you look at the chart below, you can clearly see the huge price drop that Ethereum has suffered from the start of the year.
Source: CoinMarketCap
Currently trading at $ 118.78 USD, the cryptocurrency has seen a sad decline of 84.2% of its price on the market in 2018.
You can also read: Pros and cons of Ethereum
Reasons for the fall
The price of Ethereum has seen a shocking erosion due to a number of reasons, one of which is the fake ICO on the Ethereum blockchain.
Ethereum's blockchain is extremely well known and widely used. But the more people know you, the more vulnerable you are to attack.
A lot of fake encryption projects were run on the Ethereum network, which negatively impacted its market valuation.
Beyond that, the low rate of Initial Coin Offerings and the tightening of the regulations surrounding them have led to a decline in the value of Ethereum.
Even the fact that Ethereum lost against Ripple in the race for success did not do well. Investors who start losing confidence and sell their Ether tokens.
This has fueled the collapse of the price of Ethereum in the market.
With the current market downturn, even miners have given up their mining operations, as it is no longer profitable.
So these landlords are clearly forcing the price of Ethereum to go down and say down. If you ask, Will Ethereum Price Rise Again? At this point, we do not have an answer for you.
However, we can hope for the best in the year to come.
Here are some articles for you to read. Next:
Sumedha Bose
Sumedha uses words like her crutch to get by in life. He takes a keen interest in discussing, dancing and destroying patriarchy in his spare time. You can be contacted at [email protected].
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