A sell-off sent the ethereum price plunging below $300 on Monday, forcing the second-largest cryptocurrency to its lowest mark in more than nine months.
Ethereum had traded as high as $323 earlier in the day, but a flurry of sell orders began to pummel the market at approximately 15:00 UTC, driving ETH closer and closer to $300, a level it had not touched since 2017.
Notably, this decline has not just occurred against the dollar, as the ethereum price has also cratered against bitcoin. Just six months ago, ETH was valued at just under 0.1 BTC. Now, its priced at less than half that mark and shows no signs of finding its footing as bitcoin continues to gobble up market share. At a present value of 0.047, ETH/BTC is now trading at levels not seen since mid-December, when the bitcoin price went parabolic and briefly peaked at $19,891 on Bitfinex. Its not entirely clear what drove the sell-off, which is disproportionately large compared to the minor declines exhibited throughout the majority of the rest of the cryptocurrency market.
I think the situation Eth had right right now is pretty normal in crypto. Prices going up and down but we should not take it as a negative. We embrace it as an opportunity to acquire more coins because in the future it's price will become normal. My worry is if Eth's value will become more stable with little movement cause it will eliminate the chance of crypto enthusiast to gain more profit out of it.