Ethereum Price Drops 8% in Declining Crypto Market

Ethereum (ETH) has just collapsed back to $336 after suffering a loss of 8.4% in the last 24 hours. The cryptocurrency has now been on a downtrend for more than a month.

Ethereum started falling mid-yesterday, when it dropped from $366 to $346 over a three hour period and has since fallen even further. Ethereum is now down 3.4% in the last week, 13.3% in the last fortnight, and 29.1% in the last month.

Though the rest of the market is also in the red today, Ethereum is performing worse than most. For comparison, the average cryptocurrency has lost 5.3% in the last 24 hours, while Bitcoin (BTC) is down 3.7%, XRP down 5.2%, and Bitcoin Cash (BCH) is down 7.2%.

Polkadot (DOT), Chainlink (LINK), and Bitcoin SV (BSV) are currently faring even worse than Ethereum, having each lost more than 10% today.

What is Wrapped Bitcoin?

Bitcoin is the world’s first, largest, and most-recognized crypto asset. Since Bitcoin’s creation over a decade ago, the technology behind the revolutionary “peer-to-peer electronic cash system” has largely remained the same. But Bitcoin isn't the be-all and end-all of cryptocurrency. On smart contract blockchains such as Ethereum, developers have created a thriving decentralized finance (DeFi) ecosystem. In order to use Bitcoin within Ethereum's DeFi ecosystem, it's necessary to create an ERC-...

Overall, every non-stablecoin in the top 50 by market capitalization is in the red today, which may be related to news that the largest Bitcoin derivatives exchange is facing potential legal action from the U.S. derivatives regulator the Commodity Futures Trading Commission (CFTC).

With its falling price, Ethereum now has the third-highest average daily volatility out of the top 10 cryptocurrencies by market capitalization, with this figure now reaching 5.4%—close to double that of Bitcoin.

Like most other altcoins, Ethereum has also seen its value eroded against Bitcoin in recent weeks, having lost 1.6% against BTC in the last 7 days and 16.1% against BTC in the last 30 days. Scaling further back, however, we find that Ethereum is still up 29.1% against BTC in the last 90 days and 52.5% in the last year.

But at least Ethereum miners are happy.