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Ether and Its Rollercoaster Ride in 2017



The generation and the collapse of the DAO, the blockchain-based investment vehicle that made more than $150 million at then-current prices, defined ether in 2016.

But as 2017 closed, ether finished strong, its value soaring from less than $10 a year ago to over $700 as of this writing.

Slow Start

Ether got off the gates slowly in 2017 as the price was just over $8.

The price of ether would slowly move up passing above $10 during the first week of January.

That trend continued, soaring above that level once again two weeks later in a move that marked the last time the global market for ether below that figure.

The breakpoint in that period came in early March, when the price of ether rose above $20.

That month saw interest from institutional investors in the market as well as the announcement that regulators in New York had ratified U.S.-based startup Coinbase to begin trading ether in the state.

By the time March came to a close, the price of ether was trading above $50.

The Rollercoaster Ride

By the middle of April, the price of ether was still above $40, driving some market experts to project that a floor was beginning to take shape.

On May 1, the price of ether struck a new all-time high at $80, paving the way for continued action over the following month beneath the $100 mark.

A move to that level was pegged by some analysts at the time, though others said that it might not happen quickly.

That bearish take was toppled a few days later when ether’s price surpassed $100 for the first time.

Ultimately, by the time June rolled around, the market was up by an estimated 3,000% since the start of the year, having ended the prior month above $200.

The market was such that some observers began saying the so-called “flippening,” during which ethereum’s market capitalization would surpass that of bitcoin.

Even still, the weeks to come saw substantial declines in overall cryptocurrency prices.

On June 21, a sudden flash crash on Coinbase’s GDAX exchange saw the price falter to $13.

That move came as the ethereum network saw record high transaction activity a day prior.

Despite the volatility in June, ether prices were back above $300 by months’ end.

Up Again

If July marked a reversal of fortunes for ethereum, August saw markets bounce back to a period of growth.

The second week of August saw ether prices reach a 30-day high above $300, and they continued to the $400 level as the days went on.

By the time September came, prices seemed to flounder to advance past those earlier gains.

That sluggishness continued until the $300 level was shattered again at the end of that month.

And though prices sank in the wake of South Korea’s ban on initial coin offerings (ICOs), they dusted off the pressure to push above $300 once again.

October saw some anxiety around a planned hard fork of the ethereum network, but ultimately the price remained unaffected by the technical considerations at hand.

It was November that saw ether’s price go through a veritable surge, passing $440 by November 24 and $500 a few days later.

And by the middle of December, ethereum was exchanging above $700, eventually pushing to its high above $800 on December 19.

The cryptocurrency’s value has fallen since then, and at press time, is still above $700.

Like other cryptocurrencies, ether was caught up in the 30% decline on December 22.

That day saw the cryptocurrency market capitalization drop by billions over the course of that day.

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