Ether Turns Negative For the Year as Crypto Sell-Off Accelerates

2019-12-17 08:00:00

Photographer: SeongJoon Cho/Bloomberg

Ether, the second-largest cryptocurrency, extended a three-day losing streak to turn lower for the year, bucking an uptrend set by most other major digital assets.

Since the beginning of November, the coin has spent 64% of its days lower, according to data compiled by Bloomberg. It is down close to 1.3% for the year after more than doubling at one point.

Second-biggest crytrocurrency posts annual loss

Ethereum, the decentralized computing platform behind the token, has been trying to scale its network for years through a series of upgrades that could eventually turn its proof-of-work protocol into a staking network. The upgrades have taken much longer than expected and some analysts doubt if this technical difficult feat is possible. In addition, a number of new entrants to the sector have put pressure on Ethereum as an increasing number of developers move toward newer options.

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