Here's the Reason Ethereum Tanked Today
Ethereum (CRYPTO: ETH) is the world's second-largest cryptocurrency, and as such, is one of the most-watched tokens in the market. So, when Ethereum plunges 5.5% over 24 hours (as of 6:30 p.m. ET, it has), investors take notice.
Today's price action reflects the sort of marketwide panic we've seen become pervasive in recent days. Many corners of the more risk-aggressive areas of the market, from unprofitable tech companies to the world's most profitable AI companies, are coming under pressure.
Much of this view appears to be centered on the idea that spending levels are far too high today relative to the uncertain profit outcome that may be years away. And while most of the heavy spenders on data center buildouts and the AI revolution overall have very deep pockets, the reality is that valuations are also near historic levels, as measured by a range of different metrics.
Source Fool.com
