Well, while ETH has rebounded above the $200 mark after an unforeseen recovery of Bitcoin from $6,190 to $6,450, since July, ETH has seen a steeper decline in value than other major cryptocurrencies. On September 12, the price of ETH, the native cryptocurrency of Ethereum, fell to its yearly low of $170.26.
What’s Causing ETH to Drop Harder Than Other Cryptos?
In late 2017, the price of ETH surpassed the $1,500 mark and investors of ERC20 tokens on the Ethereum protocol achieved 10 to 100-fold returns from their initial coin offering (ICO) entry.
Investors in tokens like EOS, Ontology, ICON, Zilliqa, and 0x had seen massive gains in late 2017, at the peak of the cryptocurrency market.
But, in the past few months, the price of ERC20 tokens have fallen substantially against Bitcoin, which has also experienced a 70 percent fall against the US dollar. Ontology and ICON have seen 75 to 80 percent losses against Bitcoin, losing out by more than 95 percent against the US dollar.
The majority of analysts in the cryptocurrency sector have attributed the decline in the price of ETH to the sell-off of ERC20 blockchain projects that have raised millions of dollars in ETH in their token sales.As the price of ETH started to fall and the cryptocurrency market entered a major bear market, analysts have said that ERC20 projects started to sell their ETH holdings, causing ETH to experience a more intense downtrend than other major cryptocurrencies.
It is evident that the decision of ERC20 projects on Ethereum to sell large amounts of ETH in panic largely contributed to the downtrend of ETH.
Read more,
https://www.ccn.com/ethereum-falls-to-185-whats-causing-eth-to-drop-harder-than-other-cryptos/
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Topic: what do you think eth price down under 0.03 bitcoin (Read 871 times)