Ethereum sinks nearly 5 percent as the “Devcon pump” fades

By Nicholas Marinoff

Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, today dropped into the low $180 range for the first time since the start of annual Devcon conference held by the Ethereum Foundation.

Earlier this week, the day after Devcon 5 kicked off, Ethereum shot up to roughly $192 per token. Devcon is a developer conference centered around Ethereum. This year, it’s taking place in Osaka, Japan. 

There’s been loads of news from the event, including updates on Ethereum’s planned transfer to a proof-of-stake network, which, in theory, would make it harder for hackers to strike.

Several Devcon 5 attendees also took to the new social media app Pepo to share videos of themselves at the conference. Those excited by the new app say it could push ETH further into the mainstream.

Nevertheless, any benefit to the price of ETH in the short-term from Devcon has been short-lived, as the token has lost more than $10 in value. But Ethereum isn’t alone on this bearish trend.

The day is proving rough for the industry’s top-20 cryptocurrencies. According to data from Messari, every digital currency in the top 20, minus Chainlink (LINK), is trading in the red and has experienced losses over the past 24 hours.

Bitcoin (BTC), for example, has dropped back down into the $8,300 range after a temporary spike to $8,600. With a loss of more than $200 in one day, the $8,500 resistance level it was previously facing has proven too hard to handle. Ripple’s XRP has fallen to 27 cents, while Bitcoin Cash (BCH)—one of the biggest losers of the day—has dropped by more than $15 and is now trading at $222 per coin.

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