Ethereum is making a big comeback after crashing over the weekend
At its low point, Ethereum was down 65% from its record high of $395 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 $296 to $0.10 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.
- Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way
- Taylor Swift's 'The Tortured Poets Department' is the messiest, horniest, and funniest album she's ever made
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- 9 Foods that can help you add more protein to your diet
- The Future of Gaming Technology
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts
- Sustainable Transportation Alternatives
- 10 Foods you should avoid eating when in stress