The 1st of August was marked by a dramatic plummeting of Ethereum when it took just five minutes for the cryptocurrency to crumble by roughly USD90 from USD415. Further, it regained USD 385 just in ten minutes, but that sudden collapse made a plenty of investors feel embarrassed. As a matter of fact, it caused abrogation of many future contracts made on Ethereum.
Despite the certain stir in the market, Ethereum has taken up a “bullish” behavior and its rate has been increasing by 50% for the ten days at a stretch.
Qiao Wang, a prominent crypto-trader, has conducted a Twitter poll on the matter which resulted in optimistic view of his followers. The poll outcomes say that ETH is going to strengthen along with BTC against US dollar.
Generally, the actors feel positive about this cryptocurrency for it has quite a solid capitalization. Needless to say that Ethereum sustainably occupies the 2nd place on the world cryptomarket and is still reputed to be one of the most reliable cryptocurrencies worldwide. Its total market is estimated as USD 42.44 billion and has been increasing permanently, according to the data provided by Blockchainnews
These fluctuations stand out sharply against the background of the recent Bitcoin spur.
Nevertheless, Ethereum, taking into account SARS-COV-2 pandemic and dramatic global economic slowdown, is regarded as a profitable cryptocurrency for side investments