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The Shrinking Crypto Market
This year has proved to be a major roller in the crypto markets. First, the quarter started with the shrinking prices of crypto coins globally. The crash was so strong, that it made a lot of people scream. After that, slowly the prices started recovering. Just when everyone thought that the ship has sailed, the prices started shrinking again, much to everyone’s surprise. The overall market capitalization of the crypto market has dipped below 1 trillion USD for the first time in weeks. A major reason is that the top three famous currencies have lost their momentum once again. The currencies include Bitcoin, Ethereum and Solana.
According to various sources, the overall cryptocurrency market is valued at 994 billion USD. This is based on many factors. As of this writing, the value of the cryptocurrency market is down 6%, resulting in the first drop below 1 trillion USD since June 17. If we look at all the coins, guess who is the biggest loser among them all? Yes, it’s everyone’s favorite crypto Ethereum, which is down 10% just in one day.
Ethereum is trading at a price of 1,366 USD, as of this writing.
Ethereum’s Contradictory Behaviour
It is completely opposite to what happened last week. This refers to the fact that Ethereum was once one of the largest profit winners in the whole market. The gains were because of the increasing popularity among the people regarding the Merge. This is an upgrade which is expected to reduce the cost of transactions of the user base in their network. This potentially decreases the cost available for the supply of Ethereum.
In the last seven days, Ethereum has crashed by 13%. Meanwhile, Solana or SOL is down nearly 8% and Cardano is down 6%.