The current year has proven to be really profitable as well as beneficial for the crypto-currency platform due to the Covid-19 emergency that wrapped the entire world and brought the world economy into darkness. In times like these, millions of people who lost their jobs resorted to online trading and choosing crypto-currency to be their primary trades.
As a result, the prices of the cryptocurrencies such as BTC and ETH saw a significant growth in their prices where BTC conquered the price charts with a high $12,305 per coin figure and ETH being second with the price of $495 per coin. Now that the Covid-19 situation has started to die down and the world economy coming back to its feet, the prices of all the crypto-currencies have started to take a dip.
This is exactly what was experienced with ETH when it went up to $495 towards the end of August 2020, then took a fall down to $360-$380 and tried to survive in that zone. Alas, the support level there wasn’t strong enough and ETH took a 30% fall in its price from $495 and coming all the way down to $300 and has remained stable since then.
Ali Martinez, a Crypto Twitter User has quoted data from Santiment (an analytic site), where it is shown that the number of investors who hold between 1,000-10,000 ETH has increased by 68 during the 30% price dip that ETH experienced.
Another factor in the drop of ETH prices is the gas costs that have now dropped down to 98 Gwei that was skyrocketing at 485 Gwei at the beginning of June 2020.
Although ETH has seen a significant drop in its value in the beginning of September 2020, it has still remained at a high low as it started rising from $220 and is now stable at $300. From this point onwards, ETH continues to be the second-largest crypto-currency with respect to price. At present, the market capitalization of ETH is at $39.7 Billion while USDT is behind it with $14.1 billion.