Amid Market Turmoil, Ethereum Remains a Top Token to Watch
For crypto investors, there's blood in the streets right now. Marketwide contagion fears have led to dramatic declines across most cryptocurrencies, with Ethereum (CRYPTO: ETH) participating in this sell-off. As of 11:30 a.m. ET today, this token is marginally higher (0.3%) over the past 24 hours, and it has surged by 4% since midnight. However, keeping this rally in context, over the past week, Ethereum has declined by more than 22%.
Its slight rally today appears to be tied to investors taking a step back to digest the carnage that has already been done. Concerns around the financial crisis of crypto exchange FTX have bled into valuations across the sector, as crypto investors are unclear of just how systemic its filing for bankruptcy protection could be for the overall space.
Interestingly, reports that have surfaced today that Ethereum's founder, Vitalek Buterin, sold 3,000 ETH during the FTX-related contagion have done little to spark a sell-off. Rather, investors appear to be taking the view that a near-term rally is more likely, considering how hard most tokens have been hit.
Source Fool.com
