Emergence of memecoin craze sweeping through crypto markets distracts enthusiasts
The price of ether has slumped 40 per cent in the past three months as the world’s second-largest cryptocurrency and blockchain battle a “midlife crisis” in the face of competition from rivals. The token, which represents the Ethereum blockchain, the most widely used in financial markets, has fallen to $2,087 a token. The crypto market has also dropped sharply this year as a rally following US President Donald Trump’s election victory has faded.
” Traders were also disappointed when the Trump administration said the government would not be making sweeping purchases of ether as part of a US strategic reserve for crypto, contradicting indications from the president days earlier. “ two pools of capital for the market — the ‘crypto native’ and ETFs,” said David Lawant, head of research at FalconX, a US crypto prime broker. “Ethereum lost ground in the native space and it’s not got a lot of traction from the ETF crowd.
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