For much of last year, many cryptocurrency enthusiasts believed that Ether would steal the crown from rival bitcoin to become the world’s most valuable cryptocurrency by market capitalisation, a moment they dubbed “the flippening”.
But this year, both currencies flopped.
Ether’s sell-off has been even more severe than its larger peer. After rising fivefold in the final few months of last year, it has lost around 70 per cent in the year to date to trade around $200 today. Bitcoin has fallen about 50 per cent to reach $6,500.
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