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The leading cryptocurrency Bitcoin (BTC) consolidated between $25,800 and $26,200 after dropping from $26,600 to $25,400 at the beginning of last week. Ethereum (ETH), which failed to surpass the $1,700 level last week, started trading at around $1,640 with its recent price movements.
Continued Uncertainty in the Market
With Bitcoin consolidating between $25,800 and $26,200 in recent days, the cryptocurrency market has been relatively flat during this period. Meanwhile, BTC started the day with small gains and reached $25,950. The total market value of the crypto ecosystem reached $1.05 trillion, according to CoinMarketCap (CMC) data.
Furthermore, volatility in the cryptocurrency market has decreased again. According to Coinglass data, there were approximately $30 million worth of short and long position liquidations in the crypto market in the last 24 hours.
What is the Current Situation of Ethereum (ETH)?
After testing the $1,700 level multiple times at the beginning of last week but experiencing a decline from $1,690, Ethereum (ETH) fell below the $1,650 level, losing more than 1% in the past week due to the downward trend in the crypto market, according to CMC data. ETH started the day with small gains after the declines it experienced during the week and began trading at around $1,640, recording an average gain of 0.5% in the last 24 hours.
Additionally, Ethereum (ETH) has shown relatively lower price performance compared to many other high market cap cryptocurrencies since last week. BNB, Cardano (ADA), TRON (TRX), and Polkadot (DOT) have recorded varying levels of price increases in the past week, while the leading cryptocurrency BTC experienced an average loss of 0.3% and ETH recorded a loss of over 1.2%. Furthermore, after the recent downturns in the past week, the market value of ETH fell below $200 billion.
