Today, Ethereum hit a price of $228 and is now stepping into a 12-month low and supporting predictions and expectations of those who saw a slightly weakened market. Ethereum’s price has been shifting immensely since March 2017.
If you remember well, Ethereum’s price at one point reached $1,377.72 in January of this year and right after that, the price started falling rapidly. It hit $386 at the start of April but jumped back again in May hitting $830. Needless to say, the price then hit another low and is now currently battling around the upper $200 range. Many believed that the reason for these crazy swings is the surge in ICOs that are on the Etheruem’s blockchain.
At the end of the summer on Aug.16, Ethereum went from $250 to #280 following the market recovery but as it later turned out; the corrective rally didn’t do much for Etheruem. ETH’s fall erased all the gains this crypto made in its share of the crypto market and in June Etheruem recorded its biggest share of the total market with more than 30%. However, just two days ago, Ethereum’s share dropped to 11.48% compared to bitcoin’s 55%.
The CEO of BitMEX, Arthur Hayes, addressed that Ethereum’s price was supported by all the ICOs that started last year and thus all the investors are dumping their ETH because of the bear market so he predicted that the price will get even lower to where it is now. The entire market is still struggling; Bitcoin, for example, lost over billion in market cap so it’s no wonder that Ethereum is struggling as well.
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