After a 72-hour surge which saw Bitcoin’s closest rival scale up to an impressive price point of $255, Ether has now dipped slightly in value, closing at $234.70— thereby showcasing a slight dip of around 5% since yesterday afternoon.
Over the course of the past 24 hours, nearly all of the top-20 altcoins have dropped in value, with XRP, XLM, ADA losing more than 10% of their relative market share.
While XRP had been surging over the course of the past week or so, even touching a 3 month high of $0.73 briefly, the currency has since stabilized, currently sitting around the $0.53 region.
Also worth noting is the fact that Tether has been the only coin in the top 10 to have stayed afloat and remained in the ‘green zone’ consistently over the course of the past fortnight. However, Tether’s performance has not been exceptional, with the currency noting a maximum gain of around 2% over the past 10 days.
Lastly, from a technical standpoint, Ether is now primed to cross the $250 mark— with the ETH/USD trading pair eyeing a break above the $254 threshold.
A Brief History of Ether’s Recent Financial Performance
Since the start of August, Ethereum has lost more than half of its value— even plunging to a 16 month low of $167 recently. This major swing has largely been attributed to the recent ICO dump off which saw many blockchain projects get rid of their Ether holdings in favor of “more valuable fiat pairs”.
Not only that, but Ethereum’s total market cap has also taken quite a beating over the past couple of months, with the currency even losing its coveted ‘second most valuable cryptocurrency spot’ to XRP before regaining its title within a span of less than 24 hours.
Even though the alt asset sector has dropped around $7Bln in value since yesterday afternoon, many pundits and market analysts are predicting the global crypto markets to make a swift recovery in the coming few hours.
How these predictions actually fare, still remains to be seen at this time.