Electroneum (ETN) News – Electroneum (ETN) price retraces past 6 month gains

Spread the love

In the last six months, Electroneum (ETN) has got a lot of online media attention. It has been the apple of the eye of many investors and traders. That is because it ran up significantly in the past six months. However, when you look at its levels today, it has retraced all of those gains.

Electroneum (ETN) price retraces past 6-month gains

When you look at the Electroneum price six months back, it was trading around $ 0.0115. The market cap was around $ 86.65 million. It did not garner a lot of media attention then. When it announced that it was now KYC complaint, many investors thought that it is an excellent opportunity to earn some multi-bagger returns in Electroneum (ETN) that is when it started rallying. It happened around September.

Within a few weeks, it went from $ 0.0055 to a high of around 0.02 for $ 5. The market cap went from $ 43 million to about $ 190 million. The price movement was pretty hectic. All of that happened within three weeks. That is why investors who thought the rally might continue as well. As it is one of the very few KYC compliant cryptocurrencies, many investors believed that this is the start of a bigger up move. However, the investors who have invested in those levels are still stuck.

Electroneum (ETN) has retraced all of those gains. It seems like on a fundamental basis; this news has not helped it gain a significant amount of traction. When you look at the price of Electroneum (ETN) today, it is trading around $ 0.0061. The market cap is about $ 54.14. Thus, even if you had invested six months earlier, before the rally, you would still be making a loss. This rally resulting in a loss is a lesson for the investors who chase momentum in every cryptocurrency. It is a good idea to look at the fundamentals of the cryptocurrency before making any investment decision. If you chase the momentum, you can lose a significant amount of money.

While Electroneum (ETN) can come back but it seems like the investors who have invested at the peak will have to wait for a long time just to get their money back. It will be difficult to make any returns for the investors who have invested in Electroneum (ETN) at the peak. Investors and traders need to stay away from such cryptocurrencies which double or triple in a matter of weeks. The ones chasing such momentum are always bound to be too late for the party and lose a significant chunk of their capital.

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

Be the first to comment

Leave a Reply

Your email address will not be published.