Ethereum Price High Collapses as Crypto Markets Crash

The price of Ether dropped 20% in a 24-hour period on Thursday as crypto's total market cap tumbled to the $850 billion mark.

By Jeff Benson

Jan 22, 2021

2 min read

Ethereum is going through some things. Image: Shutterstock

Don't look now, but your cryptocurrency portfolio might be down, oh about 20% since yesterday.

The price of Ethereum, fresh off a record high of $1,432 set two days ago, shed several hundred dollars off its price on Thursday evening to trade between $1,050 and $1,100, according to price data from CoinMarketCap. That represents a 20% price drop in the last 24 hours.

And it's not just Ether. With the exception of stablecoin Tether, all other coins in the top 10 are down for the day as well: Bitcoin (-16%), Polkadot (-14%), XRP (-16%), Cardano (-22%), Litecoin (-15%), Bitcoin Cash (-19%), Chainlink (-18%), and Binance Coin (-11%).

*Top 10 coins as of January 21, 2021. Image: CoinMarketCap*

The plunge has taken the total cryptocurrency market capitalization (the combined values of all cryptocurrencies tracked by CoinMarketCap) all the way down to $852 billion. Earlier this month, that figure had moved north of $1 trillion.

Ethereum has fallen 15 spots to #87 in market cap when compared to stocks and other cryptocurrencies, according to Asset Dash. Bitcoin has tumbled to #12.

Financial analysts have been speculating about whether crypto was a bubble ready to pop. With today's correction, however, Ether remains priced much higher than it was at any point in 2020. It ended the year at $735.

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