Ethereum is making a big comeback after crashing over the weekend


Ethereum
Markets
Insider


Ethereum
is making a big comeback after crashing over the weekend. The
once red-hot cryptocurrency tumbled about 25% to a low of $140 an
ether. It’s currently trading at $166.

At its low point, Ethereum was down 65% from its record high of
$395 set on June 13.

The weekend selling was not unexpected.
Ethereum’s share of the cryptocurrency universe climbed to
30%
on June 22. It was just 5% of the cryptocurrency market
at the beginning of the year. 

Last week, Mati Greenspan, an analysts with trading
platform eToro, told Business Insider
a correction was a long time coming
. “Anything that goes up
that far, that fast has to have some sort of correction,”
he said. 

Talk of a cryptocurrency bubble
and rise
in popularity of Initial Coin Offerings
 have been
pressuring prices as of late. Ethereum shook investor
confidence 
on June 21 when a
flash crash
 caused its price tumble from $296 to
$0.10 in a matter of minutes before recouping its losses.

Also weighing on Ethereum as of late has been the
uncertainty surrounding bitcoin. Investors are gearing up for the

August 1 deadline
for a decision on how the cryptocurrency
will be structured going forward. That decision could impact
which cryptocurrency investors choose. 

Even with Ethereum’s big weekend drop, it’s still up 1,968%
in 2017.

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