The cryptocurrency market experienced a downward trend as the leading cryptocurrency Bitcoin dropped below $28,000, gaining momentum in the downward direction. Most altcoins accelerated their losses throughout the day. Ethereum (ETH) started trading at levels around $1730, losing more than 4% in the past 24 hours.
Bitcoin (BTC), the leading cryptocurrency, gained a downward momentum, losing more than 4% in the past 24 hours and trading at levels around $27,700. The cryptocurrency market also experienced a decline in the morning hours due to the losses in Bitcoin.
Most altcoins in the cryptocurrency market accelerated their losses throughout the day. The total market value of the crypto industry also dropped to $1.11 trillion, according to CoinMarketCap (CMC) data. Some cryptocurrencies recorded double-digit losses during the day.
Ethereum (ETH) had been consolidating between $1800 and $1900 for weeks due to low volatility in the cryptocurrency market. However, ETH gained a downward momentum again since the beginning of the week, following the value losses of Bitcoin, dropping to levels around $27,700, and accelerating its losses.
ETH has recorded an average loss of around 6% in the past week and lost more than 4% in the past 24 hours. With these recent losses, ETH dropped below $1800 and started trading at levels around $1730 at the time of writing. Additionally, with these value losses, ETH was among the top 20 cryptocurrencies with the highest percentage loss among the top 100 cryptocurrencies in terms of market capitalization, according to CMC data.