Ether loses ground to Bitcoin amid crypto market downturn By Investing.com
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In the midst of an intensified downturn in crypto prices, Ether is ceding its position to , the most widely-held digital asset and market bellwether. As of today, Tuesday, Ether’s share in the $1 trillion crypto market has dwindled from 18.4% to 17.8%, while Bitcoin’s dominance has surged from 40% to 50.3%.
Since Monday, Ether’s value has dropped approximately 18% since June, double the loss of Bitcoin, which is currently valued at $27,290. On Monday specifically, Ether plunged 5.4% to $1,639 and Bitcoin declined 2.3% to its current price. This decline is attributed to concerns over ‘s growth and network activity after the Merge upgrade, and the cessation of Ethereum’s deflation.
The Ethereum Foundation recently sold a significant amount of Ether, priced at $1,639, and converted it into USDC stablecoin, according to Arkham Intelligence data. Crypto entrepreneur Justin Sun also transferred some Ether but denied selling any.
Despite the launch of futures-based Ether exchange-traded funds on US markets, the crypto markets saw no significant boost. Investors are favoring Bitcoin due to potential interest-rate hikes and unrest in the Middle East. Back in June, Ether had seen its value shrink by about 18%, while Bitcoin’s drop was roughly half that magnitude.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
In the midst of an intensified downturn in crypto prices, Ether is ceding its position to , the most widely-held digital asset and market bellwether. As of today, Tuesday, Ether’s share in the $1 trillion crypto market has dwindled from 18.4% to 17.8%, while Bitcoin’s dominance has surged from 40% to 50.3%.
Since Monday, Ether’s value has dropped approximately 18% since June, double the loss of Bitcoin, which is currently valued at $27,290. On Monday specifically, Ether plunged 5.4% to $1,639 and Bitcoin declined 2.3% to its current price. This decline is attributed to concerns over ‘s growth and network activity after the Merge upgrade, and the cessation of Ethereum’s deflation.
The Ethereum Foundation recently sold a significant amount of Ether, priced at $1,639, and converted it into USDC stablecoin, according to Arkham Intelligence data. Crypto entrepreneur Justin Sun also transferred some Ether but denied selling any.
Despite the launch of futures-based Ether exchange-traded funds on US markets, the crypto markets saw no significant boost. Investors are favoring Bitcoin due to potential interest-rate hikes and unrest in the Middle East. Back in June, Ether had seen its value shrink by about 18%, while Bitcoin’s drop was roughly half that magnitude.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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