Ethereum Falls to a New Low
Ethereum has fallen to a new low since reaching the all-time high of $1,420 in January, with its price now down by nearly 90% to $155.
There appears to be no specific reason for this fall, but it might be due to the Bitcoin Cash debacle especially as Ripple’s market cap now stands about $3 billion above eth’s.
That’s a very first, with ripple never able to keep second position except for a few hours, while this time it has done so for about three days.
Ethereum’s price is now at just about where it fell after the crash from $420 in May-June 2017. Yet it doesn’t look like this has much to do with eth, but with bitcoin.
The most idiotic hashwar in history continues in BCH. BSV has now seemingly gained 12 exahashes, while BCH is at 17 exahashes with BTC currently about 26% more profitable to mine.
They’re not fighting however because they both mining on their own chain. There have been no attacks. Both networks have been stable and running smoothly.
So then what does this have to do with bitcoin, let alone eth? That’s not very clear, but it might be that they have to sell bitcoin to finance the cost of this s**twar.
The ratio bots then keeps all the rest in line with creativity seemingly lacking here as Coingeek’s pool could have just been knocked out.
Bulls showed up in great numbers last time eth neared these levels in September. This time they appear to be just quietly buying, with exchange balances recently weighing more towards withdrawals.
Someone for example is scooping up all the ENS domain names. They’ve taken ours too, trustnodes.eth, so we can’t experiment with it in style.
On the other hand, ICOs have seemingly picked up some selling activity recently.
They went somewhat quiet after September, but in the past few days they’ve gone back to five figure sales.
Santiment data shows 55,000 eth has been sold in the past seven days and 131,000 in total in the past 30 days.
District0x is the biggest recent seller with 15,000 eth, but Status appears to be the most relentless seller with the data showing Status sold about 14,000 every time we have a look at the numbers.
Status has some 224,000 more eth, making them very rich, with the total ICO holdings seemingly not moving very much.
They’re down ◊100,000 to ◊3.2 million from circa ◊3.3 million during summer.
In the meantime there have been new ICOs and so on, which might be why their total holdings are not going down substantially despite selling some ◊150,000 a month.
Yet we do also suspect that maybe the data does not update very well, with Santiment itself quite new, just launching recently.
Well there you have it boys and girls. Those are the most relevant facts we could find for this edition of eth is down again.
Just hold tight, there’s a reason for the meme after all, and try to enjoy the show.
Don’t take much of it seriously. There was a huge bull party back when, there’s now a huge bear party. The music there too will probably eventually stop for the bears must have now gotten so drunk with bear songs now far too loud.
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