Ethereum seems to be coming back in the game with the prices stabilizing over the weekend, ever since the crash. The currency was trading at as low as $140 an ether after slipping down more than 25%. The currency is trying to take back its position and is currently operating at $166.
The digital currency at its recent lowest hit was down by 65% from the highest record of $395 that it reached on June 13.
The digital currency held just the 5% of the cryptocurrency market at the beginning of the year, and it climbed to 30% on June 22. Hence, the weekend selling didn’t come out to be unusual. According to trading analyst Mati Greenspan, the correction was a long time coming, with anything climbing so far this fast is bound to have some correction.
The Ethereum prices are affected due to the sudden rise in the popularity of ICO (initial coin offerings) and the much-created hype of cryptocurrency. On June 21, Ethereum shocked its investors in a flash crash that caused its prices to fall flat from $296 to $0.10 in a matter of minutes before recovering its losses.
Despite the weekend drop that the currency experienced over the weekend, it's still up at 1,968% in 2017