The year 2018 definitely wasn’t as positive for the cryptocurrencies in the market as previously expected when the majority of cryptos were setting their all-time highs back in December 2017 and January 2018.
Ethereum touched an all-time high of 1,448$ back in January, however, the cryptocurrency lost over -90% of its price after touching its record value, now trading at the price of 114$ after the latest rebound.
Ethereum is said to be losing a lot of its value even prior to the notorious November dip with the general opinion being that the platform is losing Dapp creators who are leaving due to scalability issues so the crypto is dropping in its value as well.
How low will Ethereum go? And why is Ethereum crashing?
Ethereum Collecting Gains with the Latest Rise of 0ver 8%: Still Not Enough for Recovery
The market is once again rebounding in general as the majority of cryptocurrencies are collecting gains, including Ethereum (ETH).
Ethereum is now dropping “only” by -14% against the fiat in the last seven days, while it managed to collect nearly 9% of gains in the last g24 hours.
That is how ETH went from trading at around 106$ to 114$ in less than a day, showing a significant progress in the market. However, the cryptos were also able to acquire gains two days before on November 26th, only to be seen down again the next day.
Ethereum (ETH) Price Today – BTC / USD
That is how it can be the case that the market goes down again in the next 24 hours. In case the gains continue, that would mean that the dip is finally taking a pause, hopefully for more than a single day.
With the last decline on November 27th, it was even considered that ETH will continue to crash and go below the initial value of 100$, however, the redemption arrived in form of new gains, sending ETH away from the 100$ limit and avoiding new lows.
It is considered that with the end of November, the dips will come to an end as well when ETH could finally attempt to get back to at least the price of 200$.
Why is Ethereum Crashing? Is Crypto Dead?
November came with gains, appearing to be bringing a period of rises for the crypto market that was already losing over -80% of the total value of all cryptocurrencies by the time the dip started.
Ethereum was one of the most affected cryptocurrencies, alongside other toppers like BTC, as the crypto market was progressively touching new lows, sending ETH close to going below the value of 100$.
Many investors seem to be fleeing, thinking that the crypto market is dead, but it is more probably a case that the market is defining itself driven by yet unstable market trends.
In the case of Ethereum, it is considered that ETH is suffering from devaluation due to the fact that the platform cannot meet the requirements of the rising number of Dapp developers, still having issues with scaling the network.