Ethereum and altcoins plunge as bear market takes hold

The price of Ethereum and other altcoins has dropped to levels not seen in weeks. The Bitcoin (BTC) market and other DeFi token markets likewise recorded this pessimistic forecast. 

If the entire crypto space is considered, there has been an overall downfall of 4.8%, with the figure standing at $2.11 trillion. At the same time, quite a few altcoins witnessed even further drops, creating a rather dismal atmosphere all around. Observations show that this coincides with fewer on-chain operations, the transfer of assets to centralized exchanges, and activities related to selling.

Ethereum and other major altcoins experienced an upward trend in 2024, coinciding with the approval of spot Bitcoin ETFs in the United States. In spite of previous price increases, the current situation has been influenced by a significant number of recent selling activities and institutional influx. 

The current trade price of Ethereum is below $3k, representing an almost 8% decrease. If the weekly results are considered, there has been a 16% decrease, while the monthly figure has experienced a 24% dip.

Ethereum price chart

More altcoins are experiencing such outflows. ETH’s market capitalization has reached $346 billion, whereas the day-to-day trade volume has crossed the $29 billion mark. The year began with the Ethereum projections that there would be a continued increase, crossing $4,000. However, currently, ETH seems to be hovering around $3,000. It is possible that the downward slide will compel a further decline in prices. 

According to experts, Ethereum prices may see an upward trend under certain conditions, such as ETH ETF, which could boost them.

Advertisement

This has also affected altcoins like Solana, whose trade price stands at less than $130, and Ripple, which has fallen by more than 8%. This also includes Toncoin and Cardano.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

Related Articles

Back to top button