Ethereum joins Dogecoin, Cardano
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$67,922.00
3.41%$3,283.51
3.60%$582.11
1.85%$183.37
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0.03%$2.42
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3.52%$3.93
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16.34%$15.14
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3.63%$0.680309
3.89%$1.00
0.09%$1.16
0.98%$32.64
9.52%$0.03123293
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2.91%$1.99
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0.71%$1.025
3.37%$0.00000043
1.47%$0.04493083
2.50%$0.00424813
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0.92%$0.08155
6.80%$0.00592118
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0.65%$3.23
24.26%$0.482371
3.40%$3.98
1.97%$0.05383
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4.94%$3,396.92
3.65%$2.20
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11.70%$0.01549439
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3.97%$0.399786
13.74%$16.38
4.08%$0.188879
5.54%$1.71
6.94%$21.53
4.98%$0.486939
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7.28%$8.18
-0.01%$0.191618
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5.63%$27.09
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3.52%$0.267517
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5.51%$6.74
17.29%$0.03085495
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5.59%$0.00170678
3.68%$2.56
8.35%$0.02863051
5.64%$1,364.79
3.50%$1.31
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10.11%$0.02955149
2.05%$3,445.77
3.47%$2.00
0.04%$0.270793
6.16%$68,217.00
4.16%$0.192871
5.10%$0.396529
3.00%$0.417206
6.37%$29.62
3.13%$2.99
12.89%$0.01551574
2.65%$0.074192
3.84%$49.26
9.70%$2.58
5.45%$2.60
5.81%$0.00528168
5.91%$0.01910087
3.22%$71.86
7.93%$0.02131325
3.56%$0.308598
8.08%$0.0486955
7.82%$3.80
4.17%$2.13
18.70%$0.701442
4.65%$1.001
0.05%$3,426.77
3.45%$0.00431927
3.84%$0.485379
2.60%$33.36
5.21%$0.281293
0.49%$2.37
4.33%$2.77
9.65%$2.82
-1.64%$0.02863386
2.45%$0.557321
6.06%$0.00070561
2.38%$0.02329308
6.20%$1.56
19.24%$1.05
0.44%$20.31
4.25%It’s been a bumpy bout of volatility for some of the industry’s largest altcoins.
The crypto market as a whole dropped 2.7%, shedding roughly $27 billion overnight, with Dogecoin (DOGE) and Cardano (ADA) leading the pack.
Dogecoin dropped 5.5% in the past 24 hours, plummeting from just over $0.88 to $0.82. The largest meme coin by market capitalization is now trading hands $0.84.
DOGE’s volatility also wiped out more than $5 million in leveraged traders, as more than 94% of the latest liquidations were all longs, per Coinglass.
Cardano has also been hit hard by the bears, dropping 5.5%. ADA is currently trading at roughly $0.35, per CoinGecko.
Despite the latest blood-red price action, both Dogecoin and Cardano have enjoyed a stellar start to the new year.
Traders who bought Dogecoin on January 1 would have enjoyed a meteoric rise of 20% had they held to today. Likewise for Cardano; ADA has soared a total of 44% over the same period.
Of the top ten largest cryptocurrencies by market capitalization, Ethereum was also badly bruised over the last day.
ETH has dropped 4.8% in the past 24 hours, from roughly $1,621 to $1,548. The cryptocurrency is also the only asset in the top ten to post negative returns over the last week.
The news comes as ETH remains set for a formal upgrade, dubbed Shanghai.
This update will allow users to withdraw their staked ETH for the first time, and is on track for a March delivery, as per the core developers.
At the start of this week, Ethereum’s core developers successfully deployed a “shadow fork” of the update, a test procedure comparable to a dress rehearsal, which would allow users to access their returns from the roughly $25 billion of staked ETH in circulation.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.