Ethereum dropped 8.82% over the past 24 hours and trades at around $1,515 after bouncing off from its support at $1,500 earlier today.
Ethereum is now down 68.95% from its all-time highs of $4,891.70 recorded in November 2021, per data from CoinMarketCap.
On a weekly note, ETH is down 4%, hitting a new weekly low after the months-long bull run fueled by the upcoming merge.
Ethereum Classic, a hard fork of Ethereum executed following the 2016 DAO hack, has also slumped by 15.12% over the past 24 hours and leads the losers among the top 20 cryptocurrencies by market cap.
As of this writing ETC, the 19th-largest cryptocurrency with a market capitalization of $4.66 billion, changes hands at $34 apiece, per data from CoinMarketCap.
The day’s losses put ETC down 80.60% from its all-time highs of $176.16 recorded in May 2021.
Lido Finance’s native token, LDO, dropped over 16.71% earlier this morning, per data from CoinMarketCap.
LDO is changing hands at around $1.83, down 90.10% from its all-time highs of $18.62 recorded in November 2021.
Ethereum short and long positions totaling $107.76 million were liquidated over the past 24 hours, per data from Coinglass. Ethereum Classic follows Ethereum with $38.69 million liquidated over the same period.
The entire market capitalization again fell below the $1 trillion mark, too, plummeting 5.72% over the past 24 hours, per data from CoinMarketCap.
Ethereum merge hype wanes
The primary reason behind the fall of these tokens could be due to dulling excitement ahead of the Ethereum upgrade, as well as the U.S. dollar's strengthening alongside the Fed’s aggressive rate hikes.
Investors have also raised concerns surrounding the potential centralization of Ethereum following the merge.
The fact that it's backed by $ makes it a safe choice for every investor but on the contrary there are concerns about centralization and control (BlackRock will serve as a strategic partner in Circle)@jazzveleG@parisis2019