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The price of the Ethereum plunged to its lowest level for seven months against the value of bitcoin.
The price of the Ethereum drops to its lowest level of the last seven months
The last two months have been disappointing for etheric investors. Since nearly $ 400 in early September, the price of Ethereum has demonstrated its inability to rise a steady $ 300, even though bitcoin has hit record highs almost every week.
Ethereum made a move Thursday, but it was not in the direction that investors would prefer. The price of the Ethereum dropped by 6% as traders liquidated their holdings to add more fuel to the uptrend of bitcoin, forcing it temporarily to under $ 280, although it went back up at around $ 290.
However, the situation seems much more serious after examining the ETH / BTC price trend. It's no secret that bitcoin has consolidated its position as a dominant cryptocurrency; At present, Bitcoin controls about 63% of the total capitalization of crypto, and this number has steadily increased over the last few weeks. However, the Ethereum was dangerously close to "flippening" – raising its market capitalization above that of Bitcoin and becoming the largest cryptocurrency – we could have expected it to happen. is more resilient than the legion of altcoins with much smaller market capitalizations. This has not been the case.