Among all the major cryptocurrencies Ethereum is one of them which is going through a hard time and plunging down since this morning. Today when Bangladesh announced that they are going to start crackdown against bitcoin users that was the time when cryptocurrency started to sink. ETH has dropped about five percent in few hours and it’s not a great sign for a week.
Ethereum is sinking and until Bangladesh crackdown is over cryptocurrency have to go through a hard time no matter if it’s a bitcoin, Ripple (XRP) or Ethereum in the market.
When all the major cryptocurrencies are in the red light today, Ethereum which is a second most popular currency in the market suffered from loss too. ETH dropped to $896 with 5% minus in value and currently the market cap of ETH is $89.55 Million. Over the past 24 hours, about $1.58 Million of trading has been done for Ethereum.
Everybody was expecting that Ethereum is only going to grow and in the month of February ETH will cross the barrier of $950 due to the overnight growth. With Ethereum all cryptocurrencies are going through recorded losses and having 2-5% minus from current value.
As we all know that volatility is quite high in the market of cryptocurrency and fluctuation is not that easy to handle. The ideal time to buy coins is when cryptocurrency is going down and having the minus in value. Maybe this fluctuation will remain in the market for one week and after that cryptocurrency will start recovering from the loss phase.
If cryptocurrencies are going to get down for the longer period then it will be back to the lowest price where they were in the starting of 2018. Ethereum was showing remarkable progress in the market but hopefully, after crackdown is overall coins will be back to position.