RATE Group | Cryptocurrency Funds, Led by Ether, Take A Brutal Beating
39820
post-template-default,single,single-post,postid-39820,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Cryptocurrency Funds, Led by Ether, Take A Brutal Beating

23 Aug Cryptocurrency Funds, Led by Ether, Take A Brutal Beating

Posted at 17:25h in Cryptocurrency News by

[ad_1]

Crypto funds, led by Ether, took a beating in the past week as the market continues to struggle.

Autonomous Next, a financial researcher, noted in a recent post that its BITA 50 index, which tracks the top 50 crypto coins, has struggled in the past year. At least half of the crypto funds are losing this year, causing a rush to hedge through shorting.

Ether Takes A Hit

Ether, the second largest cryptocurrency by market capitalization, saw its price fall by more than 82% from this year’s high this past week before it recovered 78%, Autonomous Next observed.

In a recent two-week period ending Aug. 14, Ether fell by 44 percent, hitting its lowest point of the year by dropping below the $300 mark for the first time since November.

What’s Killing Ether’s Price?

Ether’s decline surprises many observers given the following factors: more developers are using its platform to build applications; ICOs continue on the platform at a rapid pace; it has a “first mover” advantage; and…

[ad_2]

Source link

Tags:
, , , , ,