Ethereum price is bleeding heavier and faster than the largest cryptocurrency asset, Bitcoin amidst the ongoing bloodbath of cryptos’ exchange. Prices of the leading digital assets plunged today before it makes a moderate recovery.
Data from the cryptocurrencies exchange shows that the second-largest cryptocurrency asset price has tumbled more than 17% in the last 7 trading sessions.
Trading at $42,000, Bitcoin price has plunged more than 11% in the same period while market capitalisation of all cryptocurrencies stays below $2 trillion.
Major Cryptocurrencies have been seen selling rallies by retail investors while large corporates and El Salvador buy the dip to neutralise losses and upgrade positions.
Trading data tracked from Coinmarketcap.com shows that all the top 10 cryptocurrencies have dropped off big in the last seven trading sessions.
At the weekend, Bitcoin price had tumbled from $42,000 to around $40,600. Ethereum was only moderate above $3,000. The $40,000 and $3,000 levels are notable as they act as key psychological milestones for both assets, analysts said.
The two leading crypto assets have since recovered but the market still trades in red. Solana, Avalanche, and Polygon are all trading in the red today after shaving off more than 20% of their market value in the last week.
Following the release of Federal Open Market Committee (FOMC) minutes, some analysts believe that the United States Federal Reserve hawkish poise impacted the crypto market. Cryptocurrencies market capitalisation has shaved off more than $1 trillion in less than 2-months.
Source: Dmarketforce