The cryptocurrency market is still on the red these days and some of the most important assets of the moments are suffering. Ether, for example, the coin of the Ethereum network, fell below $400 this Thursday, for the first time since November, reaching $387.85. At the time of the writing, it’s trading at $396.94, with a total market cap of almost $39.1 billion.
The price hasn’t been below this level since November 23. According to CoinDesk, at the time, the price had almost reached an all-time high and would eventually surpass $1,200 as the broader crypto market reached the peak.
Ethereum is not alone
ETH is not the only cryptocurrency to see some significant moves during this day. Bitcoin also dropped significantly, trading at just a bit over $7,000, while Ripple is still struggling to find success again, after dropping to around $0.5.
But what happens with Ethereum? Is there any chance for this token to recover some territory?
The current trend doesn’t show any signs of stopping and most currencies are losing value, so experts claim that ETH could even reach $350 very soon. Unless some news manages to shake up the whole market once again, proving that digital coins are extremely volatile.
Ethereum is currently hammered in the overnight trades. A bit more stability is expected in April though, as the US tax deadline forcing United States citizens to liquidate assets into cash to pay for capital gains tax.
Hold on for dear life!
Obviously, this could lead to a huge coin sell-off, with an immediate impact on the price of at least some of the most important cryptocurrencies. As for the next few days, there are very low chances of recovery. However, if Ethereum continues to trade above $400 – less likely, if you ask us – the trend should eventually level out.
Traders are advised to hold on their coins for the moment, rather than trying to time the market, hoping that…good times will come as soon as possible. Of course, if new regulations will be announced again, we might as well see the bubble bursting once and for all.