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The decline has come as ether, the token of the Ethereum blockchain, and different cryptocurrencies have plummeted from report highs little greater than a 12 months in the past. ETH was lately buying and selling at about $1,300, down 64% from the beginning of the 12 months when the second largest crypto by market capitalization was nonetheless hovering close to $4,000. The variety of initiatives constructed on the Ethereum platform over this era has plummeted as some initiatives have failed and more and more danger averse traders have deployed their cash at a slower price than throughout 2021’s bull market.
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