In a volatile few days of trading, digital currency ethereum on Monday rebounded nearly 40 percent from the seven-week low it hit Sunday morning.
The bitcoin rival dropped 22 percent Sunday, to a low of $130.26, before rallying 38 percent from that level to hit $179.98 early Monday morning, according to TradingView charts of Coinbase data. Ethereum last traded near $166, nearly 2,000 percent higher year-to-date.
However, the digital currency remained below Friday’s levels of around $200.
There was no clear reason for the Sunday morning plunge, although digital currency watchers pointed to profit-taking after ethereum’s exponential surge, uncertainty about a potential split in bitcoin on Aug. 1 and startups potentially selling large amounts of ethereum after raising the equivalent of millions in U.S. dollars of the digital currency.
Ethereum 2-day performance
Bitcoin also climbed back above $2,000 Monday morning after falling below $1,800 Sunday. The digital currency has more than doubled in value this year.