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Thursday, January 26, 2023

Ether Price Falls Below $2,000 For The 2nd Time Inside A Week!

From the recent peak in the price of Ether, the price of Ethereum fell by 54%. The combined market capitalization of the cryptocurrency currently stands at $226 bn. The market capitalization is below half of the high of all times of cryptocurrency. 

On Sunday, Ether along with some of the major altcoins fell sharply. This extended a sell-off of ten days which knocked over $1T in the form of the combined valuation of the cryptocurrencies from the cryptocurrency market. The price fell to less than $2,000 for the 2nd time since 7th April.

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According to the data from TradingView, the cryptocurrency reached a $1,870.00 intraday low. Last week, with Bitcoin briefly dipping below $30,000, the price of Ether declined less than the market psychological threshold. The value of the 2nd-biggest cryptocurrency last stood at around $1,936, which is nearly 16% less. The fall from grace puts it at a 54 percent discount compared to the high of all times of the cryptocurrency. 

The Major Sell-Off Of BTC Triggered The Fall In Price Of Ether!

The all-time High of Ethereum was $4,200 this month. However, BTC continues its role of pulling gravitationally on the larger cryptocurrency market. The coordinated selloff relating to Bitcoin over the last week appears to put a heavy damper on the overall market sentiment. This dragged the Crypto Index of Fear & Greed towards “Extreme Fear”. On Sunday, CoinTelegraph reported that the price of Bitcoin dropped below $34,000.

However, some analysts were quick to foresee the large decline following the major digital currency inflow onto exchanges. This created a signal which hinted at a major selloff by the whales. For the major part of 2021, the market optimism relating to Ether has remained high with users and investors anticipating the EIP-1559 upgrade.

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