#Cryptocurrency #ether plunges again, decoupling from bitcoin

September 12, 2018

 

Ether, one of the best-performing cryptocurrencies during the boom last year, is taking another nose dive. The world's second largest cryptocurrency fell 8 percent to a low of $170.34, bringing its drop since the high in January to roughly 90 percent. Ether typically rises and falls alongside its larger, better-known predecessor bitcoin. But that trend is changing. Despite volatility, bitcoin's value in 30 days has risen by 0.1 percent. Ether meanwhile has fallen 45 percent in the same time period. "In this case, bitcoin is acting like more of a safe haven for cryptocurrencies — it's kind of consolidating," said Mati Greenspan, senior market analyst at cryptocurrency brokerage eToro.

Ether's recent performance marks a sharp reverse from last year. Retail investors were excited about its utility compared to bitcoin, which can't be used to build blockchain applications and is mostly seen as a speculative investment or a store of value. The cryptocurrency rose more than 9,000 percent after starting the year around $8.

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