Ethereum is making a big comeback. The cryptocurrency tumbled more than 15% to a low of $175.38 an ether in early action on Monday. It has since erased nearly all of those losses and is down 3.65% at $202.
Tuesday’s slide below the $200 level was the first time the cryptocurrency was below that since the end of May/early June. Ethereum tumbled about 10% on Monday.
The cryptocurrency had gained close to 4,800% from the beginning of the year through June 14 thanks to a rise in popularity of so-called “Initial Coin Offerings” – a money-raising method that uses Ethereum’s network. But, talk of a cryptocurrency bubble has put pressure on prices as of late.
First, tech billionaire Mark Cuban suggested, Ethereum’s rival, bitcoin, was in a bubble. “I think it’s in a bubble. I just don’t know when or how much it corrects,” he tweeted. “When everyone is bragging about how easy they are making $=bubble.”
Additionally, Jeffrey Kleintop, Charles Schwab’s chief global investment strategist, suggested bitcoin was in a bubble unlike any we had ever seen before.
Since topping out near $395 in the middle of June, Ethereum has fallen almost 50%. It’s still up 2,353% in 2017.
- Markets Insider