Ethereum is making a big comeback after crashing over the weekend.
The once red-hot cryptocurrency tumbled 25% over to a low of $US140 an ether. A short time ago it was selling at $US185.70.
At its low point, Ethereum was down 65% from its record high of $US395 set on June 13.
The weekend selling was not unexpected. Ethereum’s share of the cryptocurrency universe climbed to 30% on June 22. It was just 5% of the cryptocurrency market at the beginning of the year.
Last week, Mati Greenspan, an analysts with trading platform eToro, told Business Insider a correction was a long time coming. “Anything that goes up that far, that fast has to have some sort of correction,” he said.
Talk of a cryptocurrency bubble and a rise in popularity of Initial Coin Offerings have been pressuring prices as of late. Ethereum shook investor confidence on June 21 when a flash crash caused its price tumble from $US296 to $US0.10 in a matter of minutes before recouping its losses.
Also weighing on Ethereum as of late has been the uncertainty surrounding bitcoin. Investors are gearing up for the August 1 deadline for a decision on how the cryptocurrency will be structured going forward. That decision could impact which cryptocurrency investors choose.
Even with Ethereum’s big weekend drop, it’s still up 1,968% in 2017.
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