Ether fell to its lowest level in more than nine months in the week ending December 10, experiencing one of the worst week trading period.
The blockchain token saw the price of $5.98 on December 6, 2016, its lowest price since late February and being an extreme 22.9% plunge from the price of $7.76, hit on December 3, 2016.
The continued struggle of the currency had a more positive end. The recent dip below $6 was only temporary, as ether prices surpassed $8 on December 7, 2016 and reached a weekly high of $8.86 the following day.
But this should not be that surprising. Ethereum has seen numerous challenges of late, undergoing several hard forks and one network split in 2016.
As the latest issue, ethereum experienced a hard fork (a technical change during which all of its users have to opt in to a new version of the blockchain) in an attempt to make it easier for developers to remove the after-effects of an attack.
But while ether has recovered over the last few days, bitcoin jumped above $770 during the week, getting closer to its annual high of $781.31.
The largest propellers of this bitcoin increase were China and India, albeit China brought some worries before to the market due to imposing capital controls and repeatedly taking steps to devalue the yuan.
Nevertheless, there was also another factor on the digital currency, the growing enthusiasm. We could experience a wide interest of traders all around the world transfering their funds from altcoins to bitcoin. Most of the time, it was a search for safe haven, what bitcoin still is, in comparison to other instruments (also the digital ones).
As bitcoin has been repeatedly attacking its annual record, there seems to be a strong sentiment on the market, related to digital currency’s future prospects.
Although there could be seend some bearish bets, they still remain rare.
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