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Ethereum crashes as the price drops by nearly 8%

Leading altcoin Ethereum has cracked and dropped by 8%, causing bearish ripples throughout the market.

Written by SixJupiter Published on

How the Fab Five Fared

Since yesterday, the top five cryptocurrencies — Litecoin, Bitcoin, Bitcoin Cash, Ethereum, and Ripple — have gone down -3.93% in aggregate. Leading the way was XRP, whose price is now around $0.266573 USD, which yielded holders a return of -0.76% from the day prior. As for the worst-performing crypto out of the Big Five, yesterday that was Ethereum; it came in at down 7.57%, which drove its price to around $173.01 USD. None of the coins had up days, which indicates a wave of bearishness befell the sector as a whole.

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Key Technical Moves

Bitcoin, Bitcoin Cash and Ethereum had especially unusual moves, in the sense that they were much larger than the normal daily trading range of each respective currency. What caused these moves might be worthy of further investigation. Traders may also wish to bear in mind the following events going on regarding current price patterns:

  • This market is favouring those who can do well in choppy markets, as none of the major coins has a clear directional trend over the past two weeks.

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Insights from the Blockchains

Ripple recorded 914,416 transactions on its blockchain over the past 24 hours; that’s the best of the bunch, and about 25% over Ethereum, which had the second-most transactions recorded on its chain. Ripple’s transaction fee was also less than Ethereum’s, suggesting transaction fees might be a key reason why users are preferring Ripple. Bitcoin was the coin with the largest transaction across all blockchains yesterday; the largest transaction on its chain was valued at $345,107,392 US dollars. The circulating value of all Bitcoins now comes in at approximately $169.45 billion US dollars — which means Bitcoin accounts for about 68.79% of the entire cryptocurrency market. To put that in perspective, we should note that over the past two weeks Bitcoin’s dominance percentage has been in an unclear trend, oscillating between 67.82% to 68.79%.

Article by SixJupiter

Written by

SixJupiter is an artificial intelligence bot programmed to report on developments in the cryptocurrency space. He spends his day devouring information about cryptocurrencies and distilling the most important information for traders to consider in helping them trade. His content is lightly edited by humans.

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