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The cryptocurrency market, which gained upward momentum at the beginning of the week, has started to decline again in recent days. The decline of the leading cryptocurrency Bitcoin to levels below $30,000 has accelerated the losses of most altcoins. In the last 24 hours, Ethereum (ETH) recorded a low rate of loss of 0.5% and dropped to $1840.
Crypto Market in Decline
The leading cryptocurrency Bitcoin (BTC), which started a strong upward trend at the beginning of the week, dropped below the $30,000 price levels and the crypto market gained a downward momentum. Most altcoins in the cryptocurrency market have experienced losses in recent days.
The total market value of the cryptocurrency ecosystem has dropped to $1.17 trillion, according to CoinMarketCap (CMC) data. In addition, the volatility in the cryptocurrency market has significantly decreased compared to the beginning of the week. According to Coinglass data, there were short and long positions worth an average of $20 million liquidated in the cryptocurrency market in the last 24 hours.
Furthermore, there have been significant decreases in trading volumes during the week. The total 24-hour trading volume of the cryptocurrency market dropped to $23.7 billion, a 15% decrease.
What is the Current Situation of Ethereum (ETH)?
Ethereum (ETH) reached levels above $1870 during the week, approaching $1900 significantly. However, due to the downward trend in the cryptocurrency market, it started to decline again. Additionally, ETH has relatively lower price performance compared to the leading cryptocurrency BTC since the beginning of the week.
With the effect of this downward momentum in the market, ETH has experienced a low rate of loss of 0.5% in the last 24 hours. Following these recent declines, ETH has started trading at around $1840.
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