For ether, the cryptocurrency that powers the ethereum network, 2018 wasgoed defined ter part by the creation and subsequent collapse of The DAO, the blockchain-based investment voertuig that raised more than $150 million at then-current prices.
Yet spil 2018 comes to a close, the cryptocurrency is closing the books on a banner year for its value, having surged from less than $Ten one year ago to more than $700 spil of press time. Buoyed by the overall growth of the cryptocurrency market.
Te this article, wij look at some of the major market moments seen ter the past 12 months, culminating with the cryptocurrency’s makeshift thrust above $800.
Ether wasgoed te a rough spot spil 2018 came to a close, ripping off to a 7-month low at the beginning of December. That state of affairs continued spil the days progressed, tho’ the cryptocurrency’s price wasgoed above $8 at the begin of 2018.
Yet spil the chart above shows, the price of ether would leisurely but surely, passing above $Ten during the very first week of January. That trend largely continued, advancing above that level once again two weeks straks – a budge that represented the last time the global market for ether below that figure.
The watershed ogenblik ter that period came ter early March, when the price of ether slok above $20. Indeed, that month witnessed budding rente from institutional investors te the market spil well spil the announcement that regulators te Fresh York had approved U.S.-based startup Coinbase to start trading ether ter the state.
By the time March came to a close, the price of ether wasgoed trading above $50, according to market gegevens.
Up and down wij go
By the latter half April, the price of ether wasgoed still trending above $40, leading some market observers to speculate that a floor wasgoed beginning to take form.
Come May 1, the price of ether would strike a fresh all-time high at $80, setting the stage for continued act overheen the following month underneath the $100 mark. A stir to that level wasgoed predicted by some analysts at the time, tho’ others suggested that it might not toebijten overnight.
That bearish take wasgoed upended just days zometeen when ether’s price surpassed $100 for the very first time. Ultimately, by the time June flipped around, the market wasgoed up toughly Three,000% since the embark of the year, having ended the prior month above $200. The market wasgoed such that some observers began predicting the so-called “flippening,” during which ethereum’s market capitalization would surpass that of bitcoin.
Even still, the weeks to come would see significant declines te overall cryptocurrency prices. On June 21, a stunning flash crash on Coinbase’s GDAX exchange spotted the price shoot down to $13. That stir came spil the ethereum network witnessed record high transaction activity a day prior.
Despite continued volatility ter June, ether prices were back above $300 by months’ end. But within weeks the price had lost that support, and by the middle of July ether had fallen below $190 amid broader market declines.
Indeed, that week witnessed what could be described spil a yo-yo effect for crypto-prices, given that significant declines were followed by subsequent hops ter the overall value of the cryptocurrency market.
If July represented a reversal of fortunes for ethereum, August spotted markets terugwedstrijd to a period of growth.
The 2nd week of August spotted ether prices succesnummer a 30-day high above $300, and they continued inching closer to the $400 level spil the days went on.
Yet by the time September came, prices seemed to fight to advance past those earlier gains. Spil CoinDesk’s Omkar Godbole wrote at the time, early September seemed to represent a make-or-break ogenblik at which the market could keep climbing – or give way to some of the weaknesses suggested te the charts. A week straks, ether wasgoed back below $250.
That malaise persisted until the $300 level wasgoed cracked once more at the end of that month. And tho’ prices dipped ter the wake of South Korea’s geobsedeerd on initial coin offerings (ICOs), they shrugged off the pressure once more to thrust above $300 once again.
October eyed some jitters around a planned hard fork of the ethereum network, but ultimately the price wasgoed largely unaffected by the technical considerations at mitt.
It wasgoed November, by comparison, that spotted ether’s price undertake a veritable surge, passing $440 by Nov. 24 and $500 just days straks. And by the middle of December, ethereum wasgoed trading above $700, ultimately pushing to its high above $800 on Dec. Nineteen.
Spil shown by CoinDesk’s ether price gegevens, the cryptocurrency’s value has fallen since then, and at time of writing is still above $700. Like other cryptocurrencies, ether wasgoed caught up ter the 30% decline on Dec. 22, which witnessed the cryptocurrency market capitalization fall by billions overheen the course of that day.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake te Coinbase.
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