With the ETH price currently riding at $396 right now, it’s a great loss from the January prices that went up to $1,390. One of the integral factors for this drop in ETH value is the mining as there has been a huge influx of miners that have increased the difficulty while decreasing the profitability from mining an ETH.
ETH price lost about 70% of its value since JanuaryIt’s been only 3 years since Ethereum’s inception into the cryptocurrency market. ETH was only $1.6 in 2015 that reached about $12 in the mid of 2016. In April 2017, it’s price was only $50 that reached approximately $380 in mid-June. During the month of November 2017, there has been a dip in ETH prices but it didn’t fall below the $280 level. The ethereum prices went through a great period at the end of 2017 and the beginning of 2018 with its prices reaching to $800 in December and a whopping $1,390 in mid-January.
However, ETH price is down to $396 level right now. Since January, ethereum has lost about close to 1,000 US Dollars and taken a dip of 70 percent.
Read more here:
https://coingape.com/drying-eth-mining-profits-reason-for-eth-price-dro/