Though Ethereum’s (ETH) rally at the start of 2024 was as strong as that of many other major cryptocurrencies, its performance since has been marked by substantial variance in value and, in recent weeks, a significantly greater drop than that seen with its peers.
Indeed, though the token is, by press time on August 19, still 14.62% in the green in the year-to-date (YTD) chart, it has dropped 26.25% in the last 30 days and, with ETH price today being $2,578.30, the cryptocurrency is more than 36% below its yearly highs above $4,070.
ETH 30-day price chart. Source: Finbold
Despite the volatility, 2024 has been an important year for Ethereum as it saw increased adoption by institutional investors, which has partially been driven by the approval of the first-ever spot ETH exchange-traded fund (ETF).
Indeed, the price drop from yearly highs has failed to change the general view of Ethereum as the world’s second cryptocurrency and, according to BlackRock (NYSE: BLK), the o
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