ETHEREUM FELL DOWN TO ITS 12 MONTHS LOW TODAY

Sep 12, 2018 at 15:31 Update Date :Sep 12, 2018 at 15:31 UTC

After the downtrend of Bitcoin, the Ethereum’s price fall has started which is at its lowest value in the last 12 months. The Ethereum’s price was $228.8 today, which is below from the last year’s price i.e. $255.05 of Sept. 17, 2017, proving all those right who have predicted a weakening of support.

 

Ethereum’s cost has been on a roller coaster since it started above the $20 range in March of 2017. The cost came to $1,377.72 on Jan. 13, 2018, as indicated by Coinmarketcap.com, riding the cryptocurrency market development at the time. Some analysts attributed a surge to ICOs on the Ethereum blockchain.

After January, the value fall, hitting $386.59 on April 7, 2018, at that point rose to $830.02 on May 5 and preceded tumbling down to its present low. The price started the present year in the upper $200 range, reaching $283.29 on Sept. 10, 2017.

On August 6, Ethereum price dropped from $250 to $280 with a 20% drop on Aug 14 as from the bitcoin’s drop below $6000 mark on August 14. The mid-August rally occurred in tandem with $120 million worth of tether tokens, signaling an influx of capital.

Ethereum’s recent fall has wiped out the majority of the gains it made in a lot of the cryptocurrency market resulting from bitcoin’s decline this year. On June 19, 2018, Ethereum represented its largest share ever of the total of cryptocurrency market, holding 30.63% of the market to bitcoin’s 37.82%, as indicated by coinmarketcap.com. As of Sept. 5, Ethereum’s offer had tumbled to 11.48% to bitcoin’s 54.99%.

Arthur Hayes, CEO of BitMEX, hypothesized in mid-August that Ethereum’s cost was being supported by the ICOs that occurred in beginning mid-2017. Hayes said the ICO ventures originate from VCs that will dump their Ether in light of the bear market. He predicted Ethereum will fall beneath $100.

Others analysts have also predicted ICO startups will sell off their Ether.

Market Struggle:

In the meantime, the overall market struggles, as bitcoin endured one of its worst days since February, losing over $38 billion in market capitalization.

Will Woo, an analyst who since May of this current year anticipated that bitcoin would fall underneath the $6,000 mark, predicted another market decline before its next rally. He said Bitcoin will test $6,000 in the near term, regardless of whether the market bounces back meantime.

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