The price of Ether (ETH) which is the native cryptocurrency of the Ethereum blockchain network, recently dropped 14% overnight. Major cryptocurrencies like Bitcoin, Ripple and Bitcoin Cash also sank in the range of 2 to 6 percent.
Ether dropped from $574 to $492 within one hour, by more than 14 percent. Even though the cryptocurrency rebounded from the below-$500 mark, it is still volatile and currently trading at $529. This makes it down around 8%-9% from its previous price of $574.
Several analysts suggested that ETH could have dropped due to the dump of Ether by ICOs and blockchain projects. As WhitePAnda, one of the popular analysts said:
“Wondering who just ragedumped $ETH on Bitfinex. Didn’t $EOS still have a lot of ETH and they were using Finex before,”
Most of the ICOs nowadays raise millions of dollars after token sales in order to fund operations and developments. However, most of them tend to liquidate their ETH afterward on public cryptocurrency exchanges such as Bitfinex. This is what causes price drops – such as transparent events like the movement of funds from EOS smart contract to cryptocurrency exchanges.
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Aside from Ethereum, the price of Bitcoin is still poor. It declined below the $7,200 mark overnight but rebounded since then. Analysts say that it is likely making its way to the higher end of the $6,000 region if this decline continues. Compared to the past week, the Bitcoin price has declined against the US dollar, dropping from $8,600 to $7,140.
However, analysts are optimistic about a potential rally in the Q3 of 2018 which may send the price of Bitcoin back to the $14,000 region.
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