Cryptocurrency Ethereum, A Victim Of The Success Of The Blockchain

in cryptocurrency •  6 years ago 

With all the attention paid to bitcoin, it is its competitor Ethereum that gets into the headlines, and the popularity of its Ethereum Blockchain technology is feared.

This month, virtual currencies faced difficulties after the American investment banking giant Goldman Sachs stepped back from its plans to open a trading table for bitcoin.

Unlike the bitcoin blockchain, which carries out transactions only with this cryptocurrency, Ethereum can accept various virtual tokens, as well as include certain digital applications and so-called smart contracts.

Ethereum is also home to two-thirds of the initial coin offerings (ICOs), basically a fundraising tool for companies that issue tokens against cryptocurrencies, much like a stock market issue.

The explosion in the number of ICO in 2017, two years after the launch of Ethereum, has led to the fact that the price of bitcoin has soared to 160 times over a 12-month period.

The ICO craze also caused an overload in the Ethereum network, contributing to the decrease in Ethereum prices in January.

The fall in the value of Ethereum was really dramatic. Since the beginning of August, it has lost more than half its value.

Back in May, the drop is 75 percent, and the total value of the virtual currency fell to about $ 23 billion from $ 82.5 billion.

However, the huge drop brought Ethereum back to its value just over a year ago, at about $ 220 for a single token.gettyimages-976546444-740x370.jpg

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