Ethereum Price Update: It Has Fallen Nearly 11% And no Sign of Reaching $700
In the past 24 hours, Ethereum has nearly lost 11% of its total value. All that it gained on Tuesday has been lost. Contrary to popular predictions, Ethereum changed its trend abruptly and is probably giving rise to unreasonable FUD among crypto investors.
At 630.94 USD, Ethereum has fallen from 707.42 USD which was the cryptocurrency’s peak yesterday. Ethereum’s total market cap yesterday was 70,048,346,931 USD, and right now the total market cap of the cryptocurrency is 62,464,427,278 USD which is quite a significant drop.
While it is true that the cryptocurrency market is quite volatile, it still scares the investors. Such drops are scary for the enthusiasts as well.
The dip in the price of Ethereum may be linked to the news about the implementation of Hybrid Casper FFG which came out a few days ago. According to the news, ethereum network would be changing the way it reaches consensus.
While a majority of the investors took this change in a positive manner, there have been some investors who haven’t been much positive about the change.
The hard fork which the Ethereum community proposed after the release of Bitmain’s Antminer 3 may also be one of the factors behind the significant drop.