Ether was definitely taking a major hit amid the crypto market corrections; its price dropped pretty significantly, and the chances of it ever coming back to a normal space looked bleak. But then Ethereum, after all, picked up with the momentum of the market, and its price started to recover on Sunday. The boost that this cryptocurrency got came from a JP Morgan Chase report which proved to be bullish.
It is nothing new with the cryptocurrencies and the issues of the crypto market because when a cryptocurrency goes up, another is going to come down. The same happened with Ether as it went for a massive decline, resting itself at $2651 as registered on Coinbase. China, without any doubt, is behind all this and is one of the reasons why there exists such a vicious instability within the crypto market. There was a sell-off regarding the indebted property market in China, and the global stock markets took a pretty heavy shook because of it.
Institutional Investors Have Shown Interest In Ethereum
Now when the stock market takes a shock, and everything is in freefall, the crypto market feels the tremors and is subjected to the same spectrum. This is only one of the reasons for Ether’s decline, as another one comes in the form of the Bank of China subjecting every cryptocurrency and their transactions completely illegal.
It is not like Bitcoin is the only culprit here in the eyes of China, but the very concept of decentralization is something that is unbearable and should be stopped at any price, or so China thinks. This is definitely not the final spin for Ether or any other cryptocurrency out there because definitely after the end of the correction and investors once again pouring money into the market; the cryptocurrencies are going to show immense returns and price jumps.
The institutional demand, on the other hand, is definitely going higher not only for Ethereum but other cryptocurrencies as well. As for Ether, if only the institutional investors back up its play, then it will definitely have the power to withstand any market correction and come out victorious at the end. This goes off course for every other cryptocurrency out there.