ETH price has dropped to its year low, equating to nearly 229 US dollars, surpassing the low level of 255 USD, which the second dominant digital currency has hit almost a year ago, on September 1, 2017, proving the expectations of the analysts to be right, when they have forecast the support of initial coin offerings bestowed on ETH to weaken.
The price of ETH has been seriously fluctuation ever since it has exceeded the 20 USD level in spring 2017. At the beginning of this year, Ethereum has managed to hit 1,377 US dollars, becoming the flagship currency of the cryptomarket for the time being. Some specialists attributed that rally to initial coin offerings based on blockchain platform of Ethereum.
At the end of winter, ETH value has decreased, reaching 386 US dollars in the middle of spring, then skyrocketing to 830 USD in May prior to its ongoing downtrend.
In the mid-August, ETH gained 30 USD in price after dropping by 20 percent 2 days prior to the surge, while the cryptomarket registered a recovery from the BTC price decline under the 6,000 USD levels. Nevertheless, the correction did not play as well as it was expected. The rally that happened in the middle of August took place in parallel with the 120 million US dollars’ worth of USDT coins, becoming a signal for a capital inflow.
Recent value decline of ETH currency has eliminated the majority of the profits it had in its share of digital currency market, stemming from the BTC drop witnessed this year. This June, ETH was responsible for the biggest share of the entire cryptomarket, accounting for nearly 30 percent of the market, compared to BTC’s ~37 percent. As of September, the share of ETH had dropped down to approximately 11.5 percent compared to BTC’s 55 percent.