It has not been a pleasant year for Ethereum price speculators first and foremost. More specifically, this altcoin has lost tremendous value and continues to face an even bigger uphill battle every day. With its value now remaining below $175 for the entire day, and its gap with XRP increasing, things continue to look relatively worrisome.
Ethereum Price Crisis Worsens
Although all cryptocurrencies have lost a lot of value in 2018, it seems Ethereum is a target for bears and shorters. This currency continues to lose value in spades, and there is genuinely no improvement in sight. After losing the battle for $250 and $200, the currency now also dropped below $175 in quick succession. It is another logical evolution for a network struggling to find its identity somewhat.
In the past 24 hours, there has been a marginal decline for Ethereum in both USD and BTC value. That is not entirely worrisome, although it is a continuation of a trend which has been shaping up for several months now. There will not be a reversal anytime soon by any means, and there is a real chance Ethereum will hit $150 before the year is over.
Looking across social media, there is one positive aspect surrounding Ethereum as of right now. Its overall trading volume has risen significantly and seems to be approaching weekday levels on a weekend. That is a positive sign, even though most of the volume pertains to selling ETH rather than buying it. Combined with the growing spread in market cap compared to XRP, things are not looking great.
2 BILLION! Bye Bye #ETH
— Bryn Garlinge ⚡️ (@garbo110) November 17, 2018
Additionally, there is the news from Switzerland which might pave the way for greatness. The first cryptocurrency ETP will come to market next week, and Ethereum is one of the currencies making up this investment vehicle. While that may indicate a bullish sentiment first and foremost, this vehicle may not necessarily appease institutional investors. That particular group of traders remains on the fence about crypto assets in general.
The main focus for a lot of users is the market cap deficit compared to XRP. While it has been brewing for some time now, XRP has overtaken Ethereum in market cap by quite a margin. The gap has grown to $2bn, although it seems to be a matter of time until that number increases even further. This shows how much potential XRP has compared to Ethereum at this stage.
#xrpcommmunity as #XRP gets close to $2 billion ahead of #ETH it will hopefully be getting the attention of more investors and push the price recent highs #xrpthebase #xrparmy #cryptotwitter pic.twitter.com/kyPrGaQ82F
— Crypto Jolie (@CryptoJolie) November 17, 2018
For the time being, it seems the Ethereum price slump will continue for quite some to come. A dip to $150 is not unlikely, and the market cap has fallen below $18bn as well. This figure will, most likely, continue to drop further as the year progresses. For Ethereum speculators, the next bull market seems nearly light years away.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.