Ether Price Rockets over Weekend, Then Loses 16% in Profit Taking
The price of Ether, the proprietary cryptocurrency of the Ethereum project, skyrocketed over the weekend but then dropped 16.07% in obvious profit taking today
The currency is still almost four times the value of its 2015 low back on October 21st. Yesterday, Ether (ETH) was only second to bitcoin in market capitalization, surpassing both Litecoin (LTC) and Ripple (XRP), but dropped back today to third place. ETH’s trading volume has also been impressive at almost $13.5 million in 24 hours, dwarfing XRP at $1.6 million and LTC at $4,3 million.
Last week’s revelation that ledger technology venture R3 CEV recently used Ethereum’s blockchain in the test of 11 major global banks obviously played a roll in pushing up the price of the project’s digital currency. It also helps to have Chinese automotive giant Wanxiang Group with such a large position in ETH, apparently more than 400,000 tokens, as interest in China has increased in Ethereum.