If you heard that Ethereum dropped to $3,337 and thought the crypto universe was falling apart, calm down, drama king/queen!
Despite this drop, there is a lot going on that proves that the “bulls” are still in control. Bulls? Yes, the optimistic people who think the market will go up.
But why did the fall happen?
Well, the global economy is full of dramas, such as a somewhat confusing US job market and a strong dollar intimidating other currencies. This has made investors more fearful. The result: a sell-off in cryptocurrencies and a good dose of volatility.
But look on the bright side: demand for Ethereum applications remains strong. The “total value locked” on the network (as a barometer of how much people trust Ethereum) has remained stable at 20 million $ETH . In other words, the foundation is solid. Oh, and traders continue to pay too much for futures contracts. It’s as if they were saying: “Relax, we know what we’re doing.”
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