Crypto bloodbaths are more than a thing in 2018, especially when the prices of some of the top cryptocurrencies drop. This time, Ethereum is in the focus.
Known as one of the favorites among the market, Ethereum’s position has been always changing. However, the cryptocurrency has had a solid market cap, which is how and why it managed to sustain the pressure from the other altcoins (below) and maintain the second position at the list of cryptocurrencies with highest market cap.
Now, Ethereum is in a bad position. After falling to nearly $260 in only one day, the new position caused a bloodbath online. While some Ethereum fans are defending the current position and say that ‘new highs will come’, others are fed up with the drop and say that this is just too much in the series of ‘flash crashes’ (small drops).
Still, the drop happening today is because of several reasons. Ether, which is the token associated with the Ethereum foundation – has been on a downward spiral – even though it is the preferred platform of choice for most developers building on the blockchain. Currently, Ether is down 17% in only one day – marking the first time ever that the price of an Ether fell below its valuation over one year.
So, which side are you on?
Are you still backing Ethereum and are optimistic about its future? If you are this type, then it is definitely time to buy ETH at low prices – right?
Or are you maybe ready to sell – and invest in other altcoins – or even Bitcoin? If this is you, there is always this possibility and the Fear of Missing Out (FOMO).
Let us know in the comments!
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
Bitcoin Drops 11% In 24 Hours, Sinking To A New Yearly Low
Crypto Market Suffers From A New $26 Billion Wipeout
New $3 Billion Wipeout: Altcoins Start The Week Poorly
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