Ether was not spared Sunday’s flash crash, with the second largest cryptocurrency by market capitalization dumping to as low as $325 before recovering. Some traders claim they took advantage of the dip. “We had expected ETH to fall back to the low $300s and accumulated there,” said Jack Tan, managing partner of Taiwan-based quantitative trading firm Kronos Research.
Karl Samsen, vice president of capital markets for trading firm Global Digital Assets, told CoinDesk that ether is separating itself from bitcoin and ETH is actually helping push the alternative cryptocurrency, or altcoin, market. “Bitcoin is rebalancing itself as it was the previous leader,” Samsen said. “Ether is tearing up the market, and it's bringing alts up with it. We’re still very bullish on mid- to low-market cap alts.”
Karl Samsen, vice president of capital markets for trading firm Global Digital Assets, told CoinDesk that ether is separating itself from bitcoin and ETH is actually helping push the alternative cryptocurrency, or altcoin, market. “Bitcoin is rebalancing itself as it was the previous leader,” Samsen said. “Ether is tearing up the market, and it's bringing alts up with it. We’re still very bullish on mid- to low-market cap alts.”
