Cryptocurrencies are known for their volatility and the last few days have certainly been turbulent for the market. China’s latest cryptocurrency crackdown caused crypto prices to plummet over the weekend, but there have been some signs of recovery on Wednesday, according to experts.
Like all cryptocurrencies, Ethereum is incredibly volatile and prices can rise and fall in an instant.
But according to CoinDesk data, Ethereum’s price has increased rather than dropped over the last 24 hours.
As of the evening of June 23, Ethereum was up 2.62 percent over 24 hours, with the crypto priced at $1,937.45 (£1,387.60).
Ethereum also had a market cap of $225.52 billion (£161.52 billion).
READ MORE: Bitcoin crash: China’s crackdown was ‘final nail’ in BTC’s bull run
Jeremy Cheah, Professor of Crypto-Finance and Digital Investment at Nottingham Business School, told Express.co.uk: “There are lots of risks involved in investing in cryptocurrency.
“For example a platform closing down, lack of regulations and enforcement to protect investors’ rights, high price volatility in cryptos driven by sentiment trading (irrational exuberance), threat of government shutting down mining activities, for example in China recently, lack of fundamental or intrinsic value – that is, not backed by any collateral or asset, bugs in codes, etc.
“People should always do their research and be aware of the risks in crypto investment before they invest.”
The information in this article does not equate to financial advice.
Anyone considering investing in cryptocurrency should understand the risks involved.
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