Ethereum‘s selling continues on Friday, trading down 2.15% at $US202 an ether. The cryptocurrency has been mired in a steep slide since putting in a record high of $US395 on June 13. Just more than a week later, Ethereum’s market cap totaled about 30% of the entire cryptocurrency market, up from 5% in January.
But, worries of a cryptocurrency bubble and a rise in popularity of Initial Coin Offerings have been pressuring prices as of late. Ethereum witnessed a flash crash on June 21 that saw its price tumble from $US296 to $US0.10 in a matter of minutes before recouping its losses.
But the damage was done. Heavy selling over the past month has cut Ethereum’s price virtually in half. Earlier this 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.
Even with its recent slide, Ethereum is still up 2,403% in 2017.