Two days ago, the entire crypto market experienced a massive sell-off which is why in the most recent Ethereum news; we see that exactly Etherum was hit the worst.
The massive sell-off affected most of the cryptocurrencies and brought down the entire market capitalization to $200 billion which is down by $25 billion in just a few hours. This represents a bearish week for ethereum but also for other cryptocurrencies as well.
Based on the investors’ behavior, it is quite likely that ethereum is expected to fall even further.
It seems that ethereum is hit the worst due to the long months of slow and weak performance. More than 300,000 short positions are now opened for ethereum and investors bet that the price will fall even lower.
One of the reasons for this could be the massive ICO selloffs. Many ICOs have already sold their ETH positions in order to improve and make up for the potential losses that can possibly occur in the near future so they could fund their projects and operations.
The analyst at Element Digital Asset Management stated:
“There’s a narrative that the crypto market was simply falling in lockstep with the equity markets, which are slowly entering into correction zones. We believe this move in cryptocurrencies had nothing to do with the stock market.”
At the peak of the crypto bull run, ETH was trading at about $1,500 but since then has fallen by more than 90%.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post