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Еthereum price (ETH/USD) enjoys strong rebound following Monday slump

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More than 700 tokens were launched on the Ethereum network in 2017, according to data compiled by Ethereum analytics firm Alethio, Finance Magnates has reported.

Speaking about advanced Ethereum analytics at an event held yesterday in Tel Aviv, Christian Crowley of Alethio also said that over 1,090 Ethereum-based decentralised applications (DApps) were live or in development. The data also shows that roughly 100,000 new users join the ETH network daily, with and around one million transactions are processed per day. The network currently boasts more than 29 million users, Crowley said.

Last year, Ethereum established itself as the leading platform for DApps and initial coin offerings – the fundraising practice that allows blockchain projects to issue and sell their own tokens.

The Ethereum price (ETH/USD) suffered a huge blow yesterday, falling to a near six-week low of $512.55, from an opening level of $573.05. Some within the crypto community have speculated that the slump was possibly caused by a large sell-off of ETH tokens, conducted by competing smart contract platform EOS. While EOS is currently operating on the Ethereum network, it is set to launch its own mainnet later this week.

Ethereum closed yesterday’s session at $516.04 and continued to struggle in the early hours of today’s trading. However, the coin has experienced a strong rebound in the afternoon, which has allowed it to recover most of its yesterday losses.

Having hit an intraday high of $568.61, the Ethereum price stood at $553.60, as of 16:34 BST. The digital coin has gained 3.5% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin currently has total market capitalisation of $55.2 billion, which makes it the second-largest digital currency on the market after Bitcoin (BTC).

For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.

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