October is traditionally a strong month for cryptocurrencies, but this year has been different with Ethereum, the world’s second most popular cryptocurrency, dropping in value by almost 8%.
Crypto markets are generally volatile and are subject to fluctuation but this drop has still come as a surprise, especially coming at a time when cryptocurrencies usually prosper. This could present opportunities for investors who are willing to take the risk that Ethereum will rise in value soon.
Ethereum Price Drop
Only Bitcoin is ahead of Ethereum in terms of market capitalisation and has shown impressive growth since its launch in the summer of 2015. The decentralised blockchain platform provides security and verification through a peer-to-peer network and is known for being able to adapt to new technologies.
For instance, the gambling industry has been a strong market for cryptocurrencies like Ethereum, with dedicated crypto casinos popping up to make the most of this relatively new trend.
Ethereum is an excellent option for international transactions as it doesn’t suffer from the same transaction fees as traditional payment methods. This is particularly useful for UK bettors looking for non-Gamstop casinos.
All UK-licensed casinos must sign up to Gamstop, but this can limit access for some consumers. International casinos do not require Gamstop membership and, as gambling expert Rick Elliot explains, can also offer enhanced bonuses and competitive odds, so interested consumers can find more info at https://www.sportstalkphilly.com/non-gamstop-casinos-uk.
Alongside Bitcoin, it is one of the most widely accepted cryptocurrencies as a form of payment.
Its consensus mechanism move to PoS (proof-of-stake) from PoW (proof-of-work) took place in 2022 and helped to reduce its energy use by 99%. Its current value of just over £1,800 is around half of its peak value recorded in November 2021 of £3,610.11.
There are many factors that can affect fiat and cryptocurrency value, and tension in the Middle East has contributed to an overall dip in the crypto market and Ethereum.
Uptober Explained
One of the main reasons that this dip in value is making headlines is because of its timing. Cryptocurrencies historically show an upturn in fortune during the fourth quarter, especially in October.
This trend has earned the nickname ‘Uptober’ in recent years, and there are still hopes that the market can perform a 180 before the season ends.
What the Ethereum Price Drop Means to the Market
The drop in value of Ethereum should not have too big an impact on the market and could lead to buyers making the most of its low price. Its price is hovering around the golden zone for buyers, and news that Ethereum valued at $1.3 Billion could be up for sale soon will have investors salivating.
This ETH sale could come from the Chinese authorities who seized it as part of the PlusToken scam. It’s current low value and the potential investment opportunities on the horizon should see Ethereum regain some of its value. After all, this isn’t the first time this token has dropped, and it got up to its feet every time before.
