In the last day, Ethereum (ETH) has seen more than 7.6% of its value cleaved, falling back to just under $259 after a sudden sell-off began yesterday afternoon.
This recent bearish move continues a week of uncertainty for the altcoin, which has fluctuated between $240 and $290 in this time. However, despite this uncertainty, Ethereum has seen its volume skyrocket in the last week, with more than $25 billion worth of the cryptocurrency now changing hands each day—its highest value ever.
After losing over 7.5% of its value in just hours, Ethereum is currently performing worse than the market average, as the total market capitalization of all altcoins fell from $111.4 billion down to $103.7 billion as of writing—equivalent to an average loss of 6.2%. Nonetheless, several altcoins have been hit harder, including the likes of Bitcoin Cash (BCH), Litecoin (LTC), EOS and Tron (TRX), each of which is down in excess of eight percent in the last 24 hours.
Although Ethereum is in the red over the 1-day and 7-day timescales, scaling further back shows that ETH is still up more than 52% in the last month, making it one of the best performers in this time. It remains unclear whether this week's adverse price action represents a change in course for the altcoin.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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