The Ethereum accident: because prices decreased dramatically around October 2011
At the beginning of cryptocurrency, Ethereum (ETH) was at the top of the world. Being the first really open code blockchain platform, it paved the way for decentralized applications and smart contracts. However, around October 2011, the price of the hat fell, leaving many investors forwarded. In this article, we will explore what happened at ETH prices during this time period and why they fell dramatically.
Bitcoin’s ascent
In August 2011, the price of a Bitcoin (BTC) reached $ 17 for money. This is largely due to Hype around the release of Bitcoin Blockchain in April 2010. The emotion for the new cryptocurrency created the market of a buyer, as investors tried to make a profit before it was too late.
While more people joined the cryptocurrency scenario and started using Bitcoin for daily transactions, demand increased, increasing prices. In September 2011, the BTC reached its peak value of $ 19.
The bubble explodes
However, around October 2011, something strange happened. The price DOH suddenly fell less than half of August’s price, from about $ 7 to $ 2. This marked the beginning of a significant correction in the cryptocurrency market.
Several factors contributed to this collapse:
1
- This reduced the purchase pressure and contributed even more to the decline.
3 Many investors have decided to remove money from the table, causing prices to fall even more.
The consequences
In October 2011, HumS 2011 collapse had significant consequences for the cryptocurrency market as a whole. He marked one of the first important corrections in the history of Bitcoin and Ethereum, which would continue to experience several other life prices for a lifetime.
In the following months, BTC and ETH experienced significant price fluctuations, but in the end they returned to their original values. Today, both cryptocurrencies are considered Altcoin, with many investors looking for value in smaller capitalization projects such as Ethereum.
Conclusion
Ethereum’s accident in October 2011 is a felt story about the importance of market psychology and regulation. As cryptocurrency investors, it is essential to understand the factors that guide prices and are prepared for unexpected events.
Although we cannot change history, we can learn from the past and get closer to the cautious markets and a clear understanding of the risks involved.
