Despite the green candles boost in the market in the past 48 hours, Ethereum still shows signs of red. In the past 7 days, Ethereum has dropped by 6.98% while top coins such as Bitcoin and Bitcoin Cash have gained 11.58% and 4.32% respectively.
In recent news, media scare about Ethereum dumping by ICOs was big causing a havoc in the market. With the release of such news, Ethereum prices started to fall. While ETH had hiked all the way up to $710 just 10 days ago, it is currently trading at $540.94 losing almost $200 in value. At the beginning of the month, the market cap of ETH was at a voluminous $86 billion and the current market cap is at $53 billion.
Ethereum is a blockchain based distributed and operating system with smart contract functionality feature. The technology supports an altered version of Nakamoto consensus using a transition-oriented model. This decentralized platform is opted over many other technologies as they run a program that runs without any chance of fraud, censorship or third-party interference. The technology is used by major industrial giants such as Barclays and HSBC.
Chris Burniske, a cryptocurrency influencer on Twitter says:
“1/ #Ethereum is noticeably soft while many of its “next gen” competitors are showing strong bounces after brutal falls.”
A Twitterati asks Ethereum Founder, Vitalik Buterin:
“What happened to ETH vitalik? Every coins is having party. ETH got stuck at 550. Why???”
Major projects such as Irene Energy shifting from Ethereum to Stellar and Kin Foundation along with Ethereum chose the addition of Stellar technology to their application, ETH has started to lose its hold.
Ethereum has not been able to close its price consistently over $575 for over a week now. This pushback in prices is seen in the descending channel.
A trader from New York comments:
“Vitalik we are getting slammed over here man what is going on”
On a positive note, a user comments on Reddit:
“Just bought more eth at 515. What’s going to happen y’all! I figured it was the Best Buy because it’s down percentage wise more than others and it’s probably my fav coin”
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