The price of Ethereum has now called below $200 for the first time since 2017. Over the past few months, Ethereum investors have had to fight to keep a positive spirit as the coin experienced low after low. Now the cryptocurrency has experienced a year to date low in a time of acute selling pressure.
As reported, the cryptocurrency industry as a whole had a terrible week last week, with many of the most well known dropping in value dramatically in just a few hours. While most fell around 20%, Ethereum really stood out, dropping a dramatic 33% in the past week. Compared to the popular Bitcoin, which has ‘only’ dropped by 11/12%, this is a bit jump. Over the weekend Ethereum hit a real low, at one point reaching the value of only $185.
Although over the last few days it has had its ups and downs, it is still the worst performing asset in the top 20. This drop could be to do with the fierce competition with some of the newer and more innovative smart contract or Dapp focused assets, with some experts predicting it could go as low as $155 in the near future.
But why is Ethereum performing so poorly? And why now?
One of the main reasons for this could drop could be because of the introduction of a new BitMEX ETB swap contract. Secondly, is the ICO sell off factor, with many claiming that projects have begun to liquidate their Ether filled war chests, into Ether, which could be what has led to the current collapse of the market.
Only time will tell of Ethereum will be able to pick itself up from this decline in value.