Ethereum is under pressure on Monday. The cryptocurrency is down 9.9% at $US215 an ether, and is trading at its lowest level in more than a month.
The cryptocurrency has had a rough go of things as of late. It’s fallen more than 45% since reaching a record high of nearly $US400 on June 13 amid chatter of a cryptocurrency bubble.
First, tech billionaire Mark Cuban suggested that Etherteum’s rival, bitcoin, was in a bubble. He tweeted, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”
Then, Jeffrey Kleintop, Charles Schwab’s chief global investment strategist, suggested bitcoin was in a bubble unlike any we had ever seen before.
And while things are looking a bit frothy over the near-term, the prospects for ethereum look brighter over the longer term.
“When looking at bitcoin blockchain versus Ethereum, there’s no doubt Ethereum is superior,” Mike McGovern, the new head of Investor Services Fintech Offerings at Brown Brothers Harriman & Co, told Business Insider. “It doesn’t cost as much to mine ether tokens, because it requires less electricity than bitcoin.”
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