One of the hottest cryptocurrency Ethereum stabilised on Wednesday after a free fall for two straight days. Ethereum is up 5% versus US dollar $201.17 at 4.17 a.m. ET. Ethereum suffered a steep fall about 25% against the US dollar on Monday and Tuesday. It follows a 5,000% rise in the price of Ethereum since the start of the year.
eToro analyst Mati Greenspan told Business Insider on Tuesday that the decline was likely just a correction after such a rapid rise. Concerns over the viability of companies using Ethereum's network to raise money also contributed, he said.
Ethereum is an open-source database overlayed with a digital currency. Bitcoin is designed for spending, Ethereum's token, Ether, simply powers its network. Ethereum's network allows people to write "smart contracts" and people have been using it to raise money online through DIY crowdfundings called "Initial Coin Offerings."
Bitcoin on Wednesday morning is up 0.24% to $2,322.03 at 4.27 a.m. ET.
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