For the second time this month, we are witnessing ETH prices drop down lower than $3,000, previously reaching below $2,900. Ethereum has been in a free fall since the start of January this year 2022, after the significant crash of the crypto market, despite that it had the potential to become the biggest, most commonly used cryptocurrency, according to last year’s statistics.
Though, being the second-largest crypto by market value for a long time right after the crypto-king Bitcoin, Ethereum had risen significantly by 400% in market value last year 2021. Plenty believed ETH will dethrone Bitcoin as earlier in November it reached its highest price of $4,867. No more than a month later, Ethereum dropped by 20% alongside other cryptocurrencies. Topping highest of $4,100 on December 27th and getting lower with the start of 2022.
Just to reach below $3,000 early Monday morning on January 10th, 2022. Today, Jan. 20th, we experience the second drop-down of Ethereum below 3,000 for the month, while in the days before it kept on ranging between $3,000 and $4,000.
Cryptos are experiencing drops in prices because of plenty of significant factors over the past few months, including the announcement by the People’s Bank of China (PBOC) that it is banning digital currency, resulting in plenty of investors dumping mining. Since then most of the top cryptos have crashed, this affects Ethereum as well.
Despite those ups and downs, it is believed that ETH and other cryptos are bound to bounce back.
‘The recent falls may drive more crypto fans into the market in expectation of a steep recovery to come’ – commented Susannah Streeter, an investment and market analyst – ‘There is a chance that if investors do pile in, Ether could shoot back up to recent highs, but as we’ve seen with its rollercoaster ride so far, it’s unlikely to stay there for long.’
‘Should I buy Ethereum?’ – asks one of the famous crypto influencers on tweeter, Ben Armstrong, after the crash of ETH price. Amongst his 800,000 followers, there were diverse answers and opinions. In reality, experts investors say to not pay as much attention to drops and ups in crypto prices, as the Ethereum volatility will still remain the same.