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Prices for the cryptocurrency ether continued to climb on Monday after going on a tear for the better part of a year. As of 4:40 p.m., the Ethereum-traded coin was trading at more than $370 per unit, a gain of roughly 6.6% over the last 24 hours, according to CoinMarketCap. Meanwhile bitcoin has dropped nearly 11% to about $2645 per coin.
Ether has been one of the best-performing assets of the year, with prices climbing more than 5,000%, according to CNBC. Noting similarly outsize gains on Twitter, the economist Steve Hanke wrote that "this is what a bubble looks like," referring to the phenomenon where investor enthusiasm causes an unsustainable rise in prices.
Indeed, concern over high prices has prompted some cryptocurrency enthusiasts to muse that a crash in prices might not be such a bad thing. On one hand, a dip in prices could help draw in more investors who were enticed by a potential "buying opportunity." More customers would also force the platforms to upgrade their capabilities, the thinking goes, which would help digital currencies gain legitimacy.
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