As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. And let me tell you, this latest bearish trend is giving me some serious flashbacks to the early days of cryptocurrency. Ethereum and other altcoins have taken a nosedive, with ETH nearing $3k once again. It’s disheartening to see the hard-earned gains from earlier in the year being wiped out so quickly.
The prices of Ethereum and various other cryptocurrencies, including altcoins, have dropped to levels not seen in several weeks. This pessimistic view was echoed in Bitcoin (BTC) and tokens associated with decentralized finance (DeFi). The price of Ethereum has retreated, erasing previous weekly gains. A significant contributor to this market downturn is a shift in investor sentiment, as some anticipate substantial corrections.
As an analyst, I’ve observed that the total crypto market value has taken a hit, dropping to $2.11 trillion, marking a 4.8% decrease in just the last 24 hours. Several altcoins have experienced even greater losses, contributing to the growing unease within the cryptocurrency community. The decline in Ethereum’s price is particularly noteworthy and aligns with reduced on-chain activity and an increase in asset transfers to centralized exchanges. These trends suggest that sellers may be offloading their holdings.
Ethereum Price Nears $3K
As a researcher studying the crypto market, I’ve observed that this year has brought new record highs for Ethereum and other digital assets, fueled by the approval of spot Bitcoin ETFs in the US. However, even with these price increases and institutional investments, there have been significant sell-offs recently, causing some concern among investors. Currently, Ethereum is trading at $3,075, representing a 7% decrease within the last day. The weekly losses reach 11%, while monthly figures show a more substantial drop of 19%.
As an analyst, I’ve observed that recent outflows have caused comparable effects on other altcoins. Specifically, Ethereum’s market capitalization dropped to $367 billion with daily trading volumes exceeding $20 billion. Initially forecasted to sustain growth above $4,000 this year, the current plunging price has brought ETH close to the $3,000 mark. The overall decline in crypto assets may lead to further price drops. However, many investors remain optimistic and anticipate a potential rebound.
Altcoins Are Sinking
Many analysts agree that Ethereum’s price may rise due to favorable external conditions. The approval of ETH exchange-traded funds (ETFs) could cause a significant increase in the asset’s value. Recently, negative trends have impacted not only Ethereum but also other altcoins, such as Solana and Ripple, which saw declines of around 8% and 13%, respectively, within the last day. Toncoin and Cardano also experienced losses, with greater setbacks reported for meme coins.
End of The Road for Meme Coins? Dogecoin Takes Heavy Losses
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- FISH PREDICTION. FISH cryptocurrency
- BOX PREDICTION. BOX cryptocurrency
- OPUL PREDICTION. OPUL cryptocurrency
2024-07-05 05:57