The ethereum price fall continued today, reaching a low of $253 to then stabilize around $257 at the time of writing as selling pressure seemingly continues for the nearly two years old currency.
Ethereum’s price has been falling for now nearly a month after a bull run for much of spring which sent the currency to a high of $420, but sentiment since then seems to have turned.
Fingers are usually pointed at ICOs for the price fall. They raised nearly $1 billion during June, with most, if not all of the funds, simply handed out to the projects without any constraints.
Some of them, therefore, may have been selling their eth for fiat, exerting a downwards pressure that seemingly continue today, but there may be other reasons.
Litecoin has suddenly been rising. Charlie Lee, litecoin’s founder, was in China recently where a litecoin miner sent a $30,000 donation to the Litecoin Foundation.
While previously EOS was taking everyone’s attention after rising to nearly $7. They’ve now fallen to $2.77 in quite a spectacle, Larimer style.
So speculators may have just gone to play elsewhere for a time, but ethereum’s price fall seems to have dragged most digital currencies into red:
That may be because ethereum has sort of taken a leading position in price movements of most digital currencies recently, but it remains to be seen whether that was temporary or otherwise.
Regardless, it is certainly taking everyone’s attention, especially with the many ICOs, some of which finish before they even start as ethereum investors keep looking for new projects to fund.
But it may be the case that rather than ICOs, ethereum simply rose too high, too fast, so it needed to cool down a bit after all that spring partying we’ve all had.
The question is: for how long and how low? With the answer being no one knows, unless we can find the barewhales that keep taking everyone’s lambos.