Ethereum Price Hits Three-Month Low as Cryptocurrency Market Resumes Descent
Ethereum has hit its lowest price since April – dropping by 5% in the last day to $437.75. The last seven days have seen ETH lose 19% of its market value – going from a price of $542.39 just five days ago, to its three month low of today.
While Bitcoin has reverted to its pre-December price, Ethereum has managed to stay above its 2018 low. That low came in early April, right before a magnificent bull month saw its price double to $829.
Ever since May, however, ETH has fallen in line with the market in general, and has recorded nothing but losses ever since (with brief spurts of growth in between). Ultimately, the downward trend since May has seen ETH lose 47% of its value. While worrying, this is actually significantly less than other popular tokens, such as TRX and EOS, which have both posted losses closer to 60%.
The entire of the last month has seen ETH lose 25%, with a constant downward line conveying the state of the current market.
Losing Out to Bitcoin?
Ethereum has struggled to keep pace with Bitcoin over the past couple of weeks. When the market has dipped, Ethereum has dipped further. When the market spikes, Ethereum struggles to spike as high as Bitcoin.
This may come as a surprise to those who envision Ethereum as the ultimate replacement for Bitcoin, and it does indeed buck the trend of recent months where Ethereum tended to outperform BTC.
The overall trading volume spiked suddenly to $4.6 billion at midnight last night. At the time of writing, that number has quartered to around $1 billion. That $4 billion volume hasn’t been seen since the heady days of early May, when Ethereum’s price was still up at $829. Ultimately, Ethereum’s increased trades over the last day have not translated to gains – but with so many sales taking place, ETH could be gearing up for some strong upward momentum (although this has been the expectation for several weeks now).
A price of $430 is being hailed as the next support level, but ETH is already being traded against USDT on Huobi and OKEx for $432.84 and $432.99 respectively.
Ethereum trades are distributed relatively evenly across multiple exchanges, with no exchange exceeding 5% of the total daily trades. In fact, the top 20 trading pairs are spread across 17 exchanges, with the volumes ranging between $15 million and $69 million.
USDT trades make up around 23% of the total, which amounts to just slightly less than the amount of BTC/ETH trades.
There is some speculation that Ethereum is feeling the blowback from the departure of EOS and Tron from the Ethereum network, while Ontology is making the move onto its own blockchain by the end of June.
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