Ethereum market is sinking and its second day that the fall has continued, with the cryptocurrency value coming down 15% in early trade on Tuesday.
The initial trend this year had a different story to say where both Bitcoin and Ethereum raced up, with Ethereum rising over 5,000% from $8 in January to an all-time high of over $400 on June 13. It was due to the so-called “Initial Coin Offerings’, where money is raised through Ethereum’s network that the cryptocurrency gained popularity.
The value of Ethereum fell by around 10% on Monday and further went down just over 15% against the dollar. Some experts feel it has been one of the largest pullbacks the digital currency market ever witnessed, if not by percentage then certainly by market cap.
While Ethereum is unable to stabilize, Bitcoin is playing safe which was comparatively stable as on Tuesday morning. It was down by 0.67% against the dollar, standing at $2,328.97.