Today, being the 7th day of Sept, 2018 marks the day Ethereum dipped down to an amount it has never seen for the past 1 year, thereby making the predictions of those who expected the weakening support of ICO’s to come to fruition.
History had it that Ethereum has never gone beyond the $255.05 Price mark ever since Sept 17th 2017 but today the price went below that price range, trading at $225.86 at the time of filling this report. History also had it that the price reached its peak $1,377.72 on Jan. 13, 2018, riding the cryptocurrency market growth at the time. Some analysts credited a surge to ICOs on the Ethereum blockchain.
After Jan. the digital currency experienced a major type of unstable movement it has never experienced in its lifetime, taking its price to as low as $386.59 on April 7, 2018, then rose to $830.02 on May 5 before falling to its current low. On Aug. 16, Ethereum moved from $250 to $280 following a 20% drop on Aug. 14 as the crypto market posted a recovery from bitcoin’s drop below the $6,000 mark on Aug. 14. That corrective rally did not continue, however.
The mid-August rally occurred in tandem with $120 million worth of tether tokens, signaling an influx of capital.
The massive fall in price of Ethereum today has really affected the cryptocurrency market cap. as it has wiped out most of the gains it made previously.