It wasn’t pretty being a cryptocurrency investor in recent weeks. Almost all cryptos experienced major ups and downs, none more than once-reliable Eethereum.
Ethereum, which is the second most-valuable crypto behind Bitcoin, crashed hard late last week to reach its lowest point in the past six months. It traded for around $2,400 per coin on Monday, which was less than half of its peak value of $4,820 in early November. However, it is worth mentioning that this is still almost $1,000 more compared to the same period in 2021.
There are several reasons for Ethereum’s significant drop, including inflation and economic uncertainty in the wake of the new COVID-19 variant. Another element might be a recent report that hinted at the government’s possible involvement in cryptocurrency.
Bitcoin investors probably had it worse than anyone lately, but there seems to be a light at the end of the tunnel. After a steady decline that saw Bitcoin dropping from $67,510 in November to $33,110 on Monday, the coin is slowly regaining some of its value. Bitcoin is now trading around $37,000 per coin, and it is expected to continue trending up.
Several other notable cryptocurrencies, which also had major drops recently, are recovering as well. Solana is up 11 percent after dropping to $80 over the weekend, while Dogecoin managed to bounce back 9.8 percent in the same period.
