Ethereum price has recovered a great deal post the weekend plunge when it hit a seven-week low on Sunday morning.
Data flowing in from cryptocurrency exchanges around the world indicate that ethereum has rebounded nearly 40 per cent from the weekend plunge. Ethereum dropped 22 percent on Sunday to a low of $130.26 before rallying 38 percent from that level to hit $179.98 early Monday morning.
As of this writing, the bitcoin rival is trading at $186 meaning that it hasn’t managed to cover all lost ground – at least the Friday levels of $200.
There was no clear reason for the Sunday morning plunge, although digital currency watchers pointed to profit-taking after ethereum’s exponential surge, uncertainty about a potential split in bitcoin on Aug. 1 and start-ups potentially selling large amounts of ethereum after raising the equivalent of millions in U.S. dollars of the digital currency.
Bitcoin also climbed back above $2,000 Monday morning after falling below $1,800 Sunday. The digital currency has more than doubled in value this year.