Ethereum Drops 10% in Market Turmoil
Ethereum’s Price Drop
Ethereum faced a significant decline, trading at $2,614.33 by 20:39 (00:39 GMT) on Monday, which marked a 10.30% drop for the day. This drop was the largest one-day percentage loss since November 9, 2022. The substantial decrease has raised concerns among investors about the stability and future performance of the cryptocurrency.
Market Cap Impact
The downward movement in Ethereum’s price has also negatively impacted its market cap, reducing it to $323.47 billion. This accounts for 15.79% of the total cryptocurrency market cap. It’s worth noting that historically, Ethereum’s market cap reached a high of $569.58 billion, emphasizing the scale of the recent downturn.
Recent Trading Range
Over the past seven days, Ethereum has traded within a range of $2,614.3257 to $3,366.0195. In the 24 hours leading up to the report, it fluctuated between $2,614.33 and $2,696.91. This volatility indicates significant uncertainty and market stress.
Weekly Performance
Ethereum has experienced a notable decline of 18.31% over the past seven days. This extended period of decrease highlights a consistent bearish trend that has troubled traders and analysts who are closely monitoring the market.
Volume of Trading
In the 24 hours leading up to the report, the volume of Ethereum traded was $21.34 billion. This volume represents 27.14% of the total volume of all cryptocurrencies, suggesting that Ethereum remains a major player in the market despite its recent downturn.
All-Time High Comparison
Comparing Ethereum’s current price to its historical performance reveals that it is down 46.25% from its all-time high of $4,864.06 set on November 10, 2021. This significant drop from its peak underscores the challenges and volatility inherent within the cryptocurrency market.
Other Cryptocurrency Performance
Other major cryptocurrencies have also been affected by the market turmoil:
- Bitcoin: Last traded at $56,785.1, reflecting a 6.51% decrease for the day.
- Tether USDt: Trading at $0.9995, showing a gain of 0.00%, which indicates a stable performance amidst the broader market decline.
The sharp decline in Ethereum and other cryptocurrencies suggests a broader bearish trend in the market. Investors and analysts are likely to remain vigilant and cautious as they navigate these turbulent times.