Ethereum [ETH] is the second largest and has the fastest growing economy in the cryptocurrency market. Vitalik Buterin, the Founder of Ethereum has been caught up in controversies recently as witnessed by the social media.
The net market capital of the cryptocurrency is $386 billion which has fallen from $450 billion a few weeks back. The crypto-market is close to reaching the half-trillion marker. The leading coins, Bitcoin [BTC] and Ethereum [ETH] have experienced a sudden jolt three days back and ever since the prices are falling.
The price of ETH was trading at a soaring price of $835 on the 6th of May. In the last 7-day period the price has fallen by 18%. At the time of writing, the ETH trading price is staked at $664. In the last 24 hour mark, the overall remark is negative as prices have dropped more than it has increased. The current market capitalization is $66 billion as depicted on Coinmarketcap.
Manoj, a crypto-analyst responded the bear-fall of Ethereum and other currencies:
“I say when Bitcoin falls no matter what the currency is all will fall. Ethereum is ranked number two but the net worth is not even close to that of Bitcoin. The Ethereum market will hopefully be on a bull-run by tomorrow evening. The RSI is depicting a major decline in the market as it is indicating a downward movement. The amount of tokens sold is more than the buy rate. There is no way that the bear trend is going to disappear soon, because the market has not experienced something this huge in the recent times.”
A Redditor says:
“Not sure that there is any value in Ethereum without the existence of Bitcoin. But there is nothing in Bitcoin tech that Ethereum Can’t handle. Not a fan because that’s a convoluted strategy. They have the ame technology yet dependent.”
A Twitterati says:
“The market is a major pump and dump right now. Watch out fellow crypto-users, this is a crypto-mania happening.”
Another Twitterati remarks:
“People are going nuts why everyone selling. No one told me.”