For ether, the cryptocurrency that powers the ethereum network, 2016 was defined in part by the creation and subsequent collapse of The DAO, the blockchain-based investment vehicle that raised more than $150 million at then-current prices.
Yet as 2017 comes to a close, the cryptocurrency is closing the books on a banner year for its value, having surged from less than $10 one year ago to more than $700 as of press time. Buoyed by the overall growth of the cryptocurrency market.
In this article, we look at some of the major market moments seen in the past 12 months, culminating with the cryptocurrency's temporary push above $800.
Yet as the chart above shows, the price of ether would slowly but surely, passing above $10 during the first week of January. That trend largely continued, advancing above that level once again two weeks later – a move that represented the last time the global market for ether below that figure.
The watershed moment in that period came in early March, when the price of ether shot above $20. Indeed, that month saw budding interest from institutional investors in the market as well as the announcement that regulators in New York had approved U.S.-based startup Coinbase to begin trading ether in the state.
By the time March came to a close, the price of ether was trading above $50, according to market data.
Up and down we go
By the latter half April, the price of ether was still trending above $40, leading some market observers to speculate that a floor was beginning to take shape.
That bearish take was upended just days later when ether's price surpassed $100 for the first time. Ultimately, by the time June rolled around, the market was up roughly 3,000% since the start of the year, having ended the prior month above $200. The market was such that some observers began predicting the so-called "flippening," during which ethereum's market capitalization would surpass that of bitcoin.
If July represented a reversal of fortunes for ethereum, August saw markets return to a period of growth.
Yet by the time September came, prices seemed to struggle to advance past those earlier gains. As CoinDesk's Omkar Godbole wrote at the time, early September seemed to represent a make-or-break moment at which the market could keep climbing – or succumb to some of the weaknesses suggested in the charts. A week later, ether was back below $250.
October saw some jitters around a planned hard fork of the ethereum network, but ultimately the price was largely unaffected by the technical considerations at hand.
As shown by CoinDesk's ether price data, the cryptocurrency's value has fallen since then, and at time of writing is still above $700. Like other cryptocurrencies, ether was caught up in the 30% decline on Dec. 22, which saw the cryptocurrency market capitalization fall by billions over the course of that day.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase.
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