During the month of September after China began to ban initial coin offerings or ICOs, the price of Ethereum went upwards of $400 and did not look to be slowing down. As growing optimism in markets such as China, Japan, and South Korea helped influence the price, Ethereum is once again dropping in price.
Since that time, the price of Ethereum has dropped from almost $400 to $280. This occurred over the course of about a month, signaling that there is still an incredibly high amount of volatility in the market. The prices of other cryptocurrencies such as Ripple, Litecoin, Bitcoin Cash, and the big one, Bitcoin, have all been declining over the past few days most likely following that of bitcoin. The price of bitcoin also took a dip, dropping from a high of $6,199 to $5,860.
Looking at previous occurrences in the market, the price surges may ultimately occur after the hard fork. The co-founder of Ethereum, Vitalik Buter has stated that the hard fork on the Byzantium platform has been a success, and that it has remained incredibly stable. Analysts have also mentioned that the price of Ether should go up after the progress that has been made with the Enterprise Ethereum Alliance or EEA. Some of the largest finance companies across the world have joined in to begin developing the Ethereum network.
The vice president of Sberbank, Igor Bulantsev stated that “our entrance to the Alliance will help broaden cooperation between leading global companies in terms of developing the Ethereum platform. The Alliance is actively developing and I hope that the bank’s expertise will be of use to all of its members. In addition, the bank will be able to influence the enhancement of the platform and its growth in the corporate sector.”