The latest data from Investing.com shows that the cryptocurrency Ethereum has again dipped by about 7 percent to $128.07. Ethereum dropped from about $142 in the past days. The price decline which was recorded at 03:21 became the largest single-day percentage loss the ethereum network has experienced since March 22.
Ethereum in a Bearish Run
The recent bearing shift in ethereum price pushed the cryptocurrency’s market cap to just $14.18 Billion. At the peak of the cryptocurrency rally around late 2017, the ethereum market was valued at more than $135.58 billion. The cryptocurrency lost more than 89% of its total market value in a period of fewer than 3 years.
Recently ethereum traded in most cryptocurrency exchanges at around $125.48 to $135.30. Analysts were optimistic that the recent improvement in the cryptocurrency market following the market dip was going to cause a rally in the price of Ethereum. However, the price seems to be stuck in a downward trend trading at just $128.
In the last one week, the price of Ethereum decreased by a margin of more than 2.3 percent. In the last 24 hours alone an estimated $11.37 billion worth of Ethers were traded across the world. Ethereum prices in the past seven days moved in the range between $120 to about $142.9 failing to break the $150 resistance. The current price of $128 indicates that ethereum is 91 percent far away from its all-time high price of about $1,423.2 recorded on January 13, 2018.
Market Performance by related cryptocurrencies
The entire cryptocurrency market currently faces a similar downward movement just like the stock exchange market. The global COVID-19 pandemic being the sole trigger to these market decline is still raging like wildfire with new cases jumping up across the world. Governments are struggling to keep basic services flowing with many cities in lockdowns and others anticipating the same.
Bitcoin, the mother of all cryptocurrencies, was trading at $6,173.2 after declining by about 8.15 percent in the last 24 hours alone. The cryptocurrencies market cap is currently valued at just $113.13 billion after recently losing 50 percent of this market capitalization following the recent price decline.
Meanwhile, other cryptocurrencies such as XRP also reduce. XRP is trading at $0.16995 as of the time of this writing which is about 2 percent lower than its value in the last 24 hours. The cryptocurrency is currently valued at just $7.47 billion in terms of market capitalization in the cryptocurrency market.