Ethereum drops 15%

22.06.2017 / 10:50

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Increased demand for Ethereum raises worries about the system's ability to grow smoothly. Ethereum has quickly gained in market value this year, coming close to beating the older bitcoin digital currency.

The price of ethereum, a bitcoin rival, briefly fell more than 15 percent Wednesday amid a flood of demand and increased worries it may face a divisive debate on how to upgrade its network.

Ethereum, also known as ether, recovered to trade slightly lower near $328 Wednesday evening, according to CoinDesk.

The sharp fall comes after ethereum shot up more than 3,000 percent this year, far surpassing bitcoin's already stellar 180 percent gain and coming close to beating bitcoin as the digital currency with the greatest market value.

Both cryptocurrencies are based on the same blockchain technology — a fixed, transparent record-keeping system that allows money to quickly change hands regardless of geographical location. However, ethereum has grown in popularity for its ability to support applications, potentially becoming a structure for a decentralized, next-generation internet.

Source: Bloomberg Pro Terminal

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Ethereum drops 15%

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