Ethereum (ETH), with a market cap of $45 billion rules the cryptocurrency market at the 2nd place. But the bearish turn in the crypto market has been bleeding most of the digital currencies dry. And Ethereum is no different, the coin has been losing price constantly these past few weeks.
The only ray of light has been Schipol Airport’s announcement. They announced that a cryptocurrency ATM would be installed which allows travellers to exchange their euros for Ethereum or Bitcoin. The machine will be installed in the departures lounge so that travellers with any leftover euros can exchange it for these virtual currencies.
Ethereum’s price has been on a roller coaster that’s just going down for a while. But on Sunday, ETH was trading at $426.47 around 16:00 UTC, this is the lowest it has been since April 12th. That is $50 lesser in just 12hours when compared to Saturday’s price. But today, it seems that the coin has recovered and is now up by $28 and is trading at $454.69.
However, though the coin has seen a slight increase in price, it shows a 0.26% decline in the past 24 hours. Compared to the earlier high of $752 seen in May, it’s decreased by around 43%. And compared to January’s price of $1098.26, Ether has seen a massive decline of 61%.
But experts suggest that Ethereum’s price could spike up and we’ll see a reversal in prices soon. ETH has reached an oversold territory according to long-term indicators, they state that the price is currently consolidating. The market’s bearish downturn has affected most of the cryptocurrencies. Most of the coins in the top 15 are also flashing red. But, today it seems that they have recovered a bit and are picking up slightly with most of them showing an upward trend.
Have a look at Bitcoin, for example. Bitcoin shows signs of slight recovery after the slump in prices for several days. It’s currently trading at $6162.84 and shows an increase of 4.05% in the past 24 hours. Ripple, EOS, Bitcoin Cash, Litecoin also show signs of recovery. It could take a while, but at present the cryptocurrency market seems like its improving slightly. Especially after the carnage of the past few weeks.
Data and chart via Coinmarketcap
Image via Shutterstock
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