The price of ether fell to a one-month low today.
The ether-US dollar (ETH/USD) exchange rate slid to $275, its lowest level since Sept. 23, according to available market data. The cryptocurrency is currently trading at around $285.
As per CoinMarketCap, the cryptocurrency that powers the ethereum blockchain has shed roughly 3.3 percent in the last 24 hours of trading.
Week-on-week, ETH is down 14.97 percent, while it is trading largely unchanged on a monthly basis. Still, the development is notable in that it contrasts with ether’s meteoric performance during the first half of the year, during which time it was speculated that it could even pass bitcoin in terms of total market capitalization.
Ether prices hit a record high of $400 before China moved to ban the initial coin offering (ICO) funding model in early September. Markets have perhaps yet to recover from that blow, given that ethereum serves as a platform for decentralized application development and funding through ICOs.
While bitcoin prices took a hit on ICO ban and exchange shutdowns in China, it eventually rallied more than 100 percent from the Sep. 15 low of $2,980 to fresh record highs above $6,100.
Price charts via Shutterstock
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Published at Mon, 23 Oct 2017 18:00:08 +0000