RATE Group | Cryptocurrency ether plunges again, decoupling from bitcoin  
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Cryptocurrency ether plunges again, decoupling from bitcoin  

12 Sep Cryptocurrency ether plunges again, decoupling from bitcoin  

Posted at 17:33h in Bitcoin News by

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Ether, one of the best-performing cryptocurrencies during the boom last year, is taking another nose dive on Wednesday.

The world’s second largest cryptocurrency fell 8 percent to a low of $170.34, bringing its drop since the high in January to roughly 90 percent, according to CoinDesk.

Ether typically rises and falls alongside its larger, better-known predecessor bitcoin. But that trend is changing. Despite volatility, bitcoin’s value in 30 days has risen by 0.1 percent. Ether meanwhile has fallen 45 percent in the same time period.

“In this case, bitcoin is acting like more of a safe haven for cryptocurrencies — it’s kind of consolidating,” said Mati Greenspan, senior market analyst at cryptocurrency brokerage eToro.

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