The drop got here as Ether, the token on the Ethereum blockchain, and different cryptocurrencies plummeted from file highs a little bit over a yr in the past. ETH just lately traded at round $1,300, down 64% from the beginning of the yr when the second-largest cryptocurrency by market cap was nonetheless hovering close to $4,000. The variety of tasks constructed on the Ethereum platform plummeted throughout this era, as some tasks failed and risk-averse buyers deployed capital at a slower tempo than the 2021 bull market.
