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Ethereum (ETH) Hits 800$ But Drops Pressured by the Latest Market Trend

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Ethereum

Ethereum, the second-best currency according to its market cap, managed to acquire a pretty favorable set of gains. It easily managed to acquire a price of over 800$ per one ETH unit, which was a huge success considering the massive meltdown in the market that went in for more than eight weeks. Let’s see how Ethereum is doing at the current moment, as well as why ETH fell back below 800$.

Ethereum Hits 800$ per one ETH

Ethereum has respectfully managed to acquire a massive growth of over 690% against the dollar during a period of 365 days, which h means that ETH alone made almost 700% of gains in the period of a single year.

99% of this set of gains happened due to the most recent rebound which took place in April when the majority of digital values went on while trading in the green for a prolonged period of time, which means that ETH had made a nearly 100% rise against the dollar in the last 30 days.

Along the way, in the last twenty-four hours, the lowest trading price of ETH went not further than 753.66$ per one unit, while its highest trading price was set at 826.90$ per one ETH.

That is how Ethereum managed to hit a symbolic price of 800$ per one unit, while it continued to rise even above this price, going towards being traded at 830$.

The “combo of rises”, however, ended approximately 48 hours ago, which is why Ethereum is currently being traded at the price under the initial 800$ per one ETH.

While ETH managed to rise up for 14% against the dollar during the course of the last week, it couldn’t resist falling under the influence of the latest market trend, which means that Ethereum, along with the majority of currencies is “suffering” from drops in its price against the fiat currency.

Ethereum Drops Back Again

In case you are not following up exclusively with Ethereum, you have probably noticed that a great part of the currencies that were only 24 hours trading in the green are now dropping against the dollar.

Ethereum wasn’t the exception either, so we can see ETH dropping against the dollar at the current moment.

The probable reason for having the majority of currencies dropping against USD might be due to a fact that there might have been a massive selloff. This case is more likely to have caused the latest collective drops in the crypto market, while the majority of currencies started to accept the new trend “unwillingly”.

It is almost always a tradition to have massive selloffs whenever the market is hit by a series of rises and the rising currencies are radically trading up against the dollar. Naturally, a lot of investors want to see some profit from the initial rises, so they usually go forward with selling off their units, which consequently lowers the price of the coins and tokens affected by these selloffs.

How is Ethereum doing at the Current Moment?

Following the latest trend in the market, Ethereum started to drop against the dollar, although the second-best currency in accordance with its market capitalization managed to acquire a rise of nearly 100% in the course of the last 30 days.

After the latest change in the market, ETH is dropping against the dollar while trading in the red in the last twenty-four hours.  Due to the change of having ETH drop against the dollar by -5.47%, which took away the symbolic price of 800$ away from Ethereum, this currency is now being traded at the price of 775.62$ per one unit.

In addition to dropping against a fiat currency, ETH is also going down in oppose to BTC, while dropping against the first crypto in the market by nearly 2%.

Ethereum set its record price back in mid-January when this currency was being traded at the price of nearly 1390$ per one unit.

That means that although still not far from the previously re-set value of 800$, Ethereum still has a long way to go towards getting back to being traded at its record value.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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