Bitcoin News

Ethereum, the second-best currency according to its market cap, managed to acquire a pretty favorable set of gains. It easily managed to acquire a price of over 800$ per one ETH unit, which was a huge success considering the massive meltdown in the market that went in for more than eight weeks. Let’s see how Ethereum is doing at the current moment, as well as why ETH fell back below 800$.

Ethereum Hits 800$ per one ETH

Ethereum has respectfully managed to acquire a massive growth of over 690% against the dollar during a period of 365 days, which h means that ETH alone made almost 700% of gains in the period of a single year.

99% of this set of gains happened due to the most recent rebound which took place in April when the majority of digital values went on while trading in the green for a prolonged period of time, which means that ETH had made a nearly 100% rise against the dollar in the last 30 days.

Along the way, in the last twenty-four hours, the lowest trading price of ETH went not further than 753.66$ per one unit, while its highest trading price was set at 826.90$ per one ETH.

That is how Ethereum managed to hit a symbolic price of 800$ per one unit, while it continued to rise even above this price, going towards being traded at 830$.

The “combo of rises”, however, ended approximately 48 hours ago, which is why Ethereum is currently being traded at the price under the initial 800$ per one ETH.

While ETH managed to rise up for 14% against the dollar during the course of the last week, it couldn’t resist falling under the influence of the latest market trend, which means that Ethereum, along with the majority of currencies is “suffering” from drops in its price against the fiat currency.

Ethereum Drops Back Again

In case you are not following up exclusively with Ethereum, you have probably noticed that a great part of the currencies that were only 24 hours trading in the green are now dropping against the dollar.

Ethereum wasn’t the exception either, so we can see ETH dropping against the dollar at the current moment.

The probable reason for having the majority of currencies dropping against USD might be due to a fact that there might have been a massive selloff. This case is more likely to have caused the latest collective drops in the crypto market, while the majority of currencies started to accept the new trend “unwillingly”.

It is almost always a tradition to have massive selloffs whenever the market is hit by a series of rises and the rising currencies are radically trading up against the dollar. Naturally, a lot of investors want to see some profit from the initial rises, so they usually go forward with selling off their units, which consequently lowers the price of the coins and tokens affected by these selloffs.

How is Ethereum doing at the Current Moment?

Following the latest trend in the market, Ethereum started to drop against the dollar, although the second-best currency in accordance with its market capitalization managed to acquire a rise of nearly 100% in the course of the last 30 days.

After the latest change in the market, ETH is dropping against the dollar while trading in the red in the last twenty-four hours.  Due to the change of having ETH drop against the dollar by -5.47%, which took away the symbolic price of 800$ away from Ethereum, this currency is now being traded at the price of 775.62$ per one unit.

In addition to dropping against a fiat currency, ETH is also going down in oppose to BTC, while dropping against the first crypto in the market by nearly 2%.

Ethereum set its record price back in mid-January when this currency was being traded at the price of nearly 1390$ per one unit.

That means that although still not far from the previously re-set value of 800$, Ethereum still has a long way to go towards getting back to being traded at its record value.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

The post Ethereum (ETH) Hits 800$ But Drops Pressured by the Latest Market Trend appeared first on Global Coin Report.

Get the latest Bitcoin News on The Bitcoin News
Our Social Networks:
Facebook Instagram Pinterest Reddit Telegram Twitter Youtube