Ether, the second largest digital currency, has also been extending its losing streak for the third consecutive day, moving into negative territory all year long.
From the beginning of November until now, 64% of the days the asset is traded with decreases. It is on track to record a -1.3% result for the year after Ethereum had nearly doubled in value earlier.
From a fundamental point of view, things are not good here either. The long-awaited upgrades to improving the ETH network take longer than necessary, and analysts are now worried that this technological breakthrough will be impossible. The outflow of developers further has a negative impact on sentiment.
Also, unlike Bitcoin where the number of coins is limited to digging, at ETH the amount is unlimited, which puts additional pressure on the digital asset.
Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.
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