Within 30 minutes, on November 18, the price of Ethereum dropped 7.7% as Bitcoin also recorded an abrupt 6% drop.
Three key reasons likely caused Ethereum to see a more volatile drop than Bitcoin.
In contrast, the volume of Ethereum is at $831 million, which is substantially lower than Bitcoin.
The sudden price drop of Ethereum from around $493 to $455 occurred right after Bitcoin abruptly fell from $18,476 to $17,214.
This shows that the initial drop of Bitcoin led ETH to drop, but due to its comparably lower volume, Ethereum saw a larger drop than BTC. Futures open interest for Ethereum is high.
There has been significant optimism surrounding Ethereum since early November, primarily due to ETH 2.0.
ETH 2.0 is a crucial network upgrade for Ethereum that massively expands its transaction capacity.
Following ETH 2.0, the Ethereum blockchain will be able to process a higher number of transactions per second.
At the time of press, Ethereum is ranked #2 by market cap and the ETH price is down 0.73% over the past 24 hours.
Posted In: Ethereum, Adoption, Analysis, Edge, Price Watch You might also enjoy.... Ethereum 2.0 deposit contract gains $17m in cryptocurrency in just 40 hours Nick Chong 2 years ago 2 min read. Bitcoin "Enters stratosphere" as massive OTC deals spark institutional demand Joseph Young 2 years ago 2 min read. Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate.
3 reasons Ethereum dropped much harder than Bitcoin in abrupt correction
Publié le Nov 18, 2020
by Cryptoslate | Publié le Coinage
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