Most of the cryptocurrencies have seen a decline recently including the two largest cryptocurrencies, Bitcoin and Ethereum. Ethereum plunges by 21% as it is currently trading at $493.51. According to the records, this is the largest one-day percentage loss that Ethereum has faced since March 12, 2020.
As Ethereum plunges by 21%, there has been a huge downward push in its market cap as well. Ethereum’s market cap has now reached $58.17 billion, which is 11.31% of the total crypto market cap.
Ethereum Plunges by 21% and 65.32% Down From All-Time High
In the past twenty-four hours, Ethereum has traded in a range of $490.66 to $577.08, and between $471.0629 to $621.7030 in the past seven days. There have been several ups and downs in Ethereum price in the past seven days. Even though Ethereum plunges by 21%, it has gained 8.1% in the past seven days.
The total volume of Ethereum traded in the past twenty-four hours was at $22.18 billion which is 8.62% of the total crypto volume. According to the previous records, Ethereum’s price is down by 65.32% from its all-time high of January 2018. During that time, Ethereum was trading at $1,423.20 which was its all-time high to date.
Different Crypto Seen a Downfall
It is not only Ethereum that has seen a downward trend in the past one day, other cryptos are also facing the same trend. Bitcoin was down by 14.78% in the past twenty-four hours as it has now reached a $16,534.2 level. The same is the case with XRP as it has also seen a decline of 37.18% and is currently trading at $0.48328. This kind of major decline is quite surprising as most of the cryptocurrencies out there were performing well. It is yet to be seen whether cryptocurrencies will be able to again come on track or not.