Why has Ethereum recently surged? (Reasons for the drop in Ethereum)
Why has Ethereum recently surged? Why has Ethereum recently surged? Why has Ethe
Why has Ethereum recently surged? Why has Ethereum recently surged? Why has Ethereum recently surged? In the bull market of November 2017, Bitcoin skyrocketed from $60,000 to over $100,000, and in mid-January 2018, it broke the $1000 mark, currently trading at around $9850. Since the beginning of this year, the price of Ethereum has risen to nearly $20,000.
With the rapid development and expansion of blockchain applications and the digital currency market, the demand for cryptocurrency assets has been increasing. According to Coinmarketcap data, the total market capitalization reached about $13 trillion by the end of 2019. This trend changed in February 2020. At the end of 2017, Bitcoin once reached its annual high point of $10,000; it then started to decline and has remained below its historical high price of $9,000, but it has been steadily increasing. In the third quarter of 2018, the market experienced volatility and the ETH/USDT trading pair underwent a slight adjustment.
The reason why Ethereum is so popular is mainly because its usage as a store of value continues to rise. In addition, Ethereum has high network security, decentralization, and low transaction fees.
Reasons for the drop in Ethereum
After falling below $300 on September 16, the price of Ethereum (ETH) began to decline.
Since September, Ethereum has experienced a major correction, dropping from a high of $130 to $150 at one point, and then quickly recovering to around $140. In October, due to the surge in the cryptocurrency market, Ethereum experienced a significant pullback. In November, Bitcoin performed the best among the top ten cryptocurrencies as the market continued to rise.
According to Coinmarketcap data, the current price of Ethereum is $31.6, which is a decrease of about 10% compared to the historical high at the end of June, and a decrease of over 20% compared to the historical low in mid-May.
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