Ethereum Plunged 15% Today to $305
The price of Ether, the native cryptocurrency of Ethereum, has dropped by 15% in the last 24 hours $305, as other major cryptocurrencies such as EOS dropped 13 percent.
However, most tokens demonstrated intensified moves on the disadvantage, with steeper drops.
The huge majority of investors and analysts have struggled to provide certain reasons to encourage the abrupt drop in the price of major cryptocurrencies on August 11. Some have pointed towards the Bitcoin exchange-traded fund (ETF) saga, but given that favorable development and news from the cryptocurrency industry have hardly influenced the cryptocurrency exchange market, it’s exceedingly improbable that Bitcoin ETF-related news have led the market to collapse.
Since February, Bitcoin has demonstrated a weird but an obvious pattern. Bitcoin would plummet to $6,000, initiate a corrective rally, check the $10,000 resistance level, and fall back down to $6,000. In the past six months, Bitcoin has repeated this process three times, all over the range of $6,000 and $10,000 and on rare occasions, dipping below $6,000 and breaking above $10,000.
It’s totally possible, after the findings Tabb Group, a industry considerably larger than the worldwide cryptocurrency exchange market has always impacted the mid-term motion of BTC, specifically within the selection of $6,000 to $10,000.
Researchers in Tabb Group have estimated that the over-the-counter (OTC) market to be just two to three-fold bigger compared to cryptocurrency exchange marketplace, which is understandable since large scale traders don’t exchange electronic resources from the exchange market because of its lack of liquidity.
Another intriguing element of the current price movement of BTC is that positive improvements like the entry of the New York Stock Exchange, Microsoft, and Starbucks to the cryptocurrency industry have had minimal effect on the price tendency of BTC.
Consequently, it’s plausible that previous events like the rejection of this Winklevoss Bitcoin ETF and the delay of this VanEck Bitcoin ETF had no influence on the price however traders pioneered a pressured justification of this marketplace to fabricate clarity from the opaque, volatile, and also shaky cryptocurrency marketplace.
Where Does Ethereum and Tokens Go?
In the last year, Bitcoin and Ether have tended to grow up and down at a similar fashion, while Ripple, EOS, and tokens experienced comparable motions.
But because early August, each other cryptocurrency besides Bitcoin have undergone intensified moves on the disadvantage, because of the excessively strong downtrend on the marketplace.
If Ether proceeds to fall at the speed, irrespective of its comparatively strong performance against the US dollar compared to other high big cap cryptocurrencies within the last couple of months, then tokens in the likes of Ontology, 0x, ICON, and VeChain will probably fall by considerably larger margins.
Despite this accelerated gain in the dominance indicator of Bitcoin along with the spike in the quantity of US dollar-backed stablecoin Tether, within this age, investments in Assets and insecure, high-return transactions are probably going to be well worth the danger.