Ethereum Drops 11% Amidst Downturn in Market Sentiment, Reports Investing.com

Investing.com – On Tuesday, Ethereum witnessed a steep decline, trading at $2,396.95 by 18:16 (22:16 GMT) on the Investing.com Index, a sharp 10.75% decrease for the day. This drop represented the most significant single-day decrease since November 9, 2022.

As a result of the downturn, the market capitalization of Ethereum plummeted to $299.58B, accounting for 14.18% of the aggregate market cap across all cryptocurrencies. Ethereum’s market cap had previously peaked at $569.58B.

In the past 24 hours, Ethereum prices varied, swinging between a low of $2,396.02 and a high of $2,699.73.

Throughout the past week, Ethereum experienced a downtrend, with a 3.68% decrease in value. The trading volume for Ethereum in the 24-hour period before the report was $14.89B, representing 21.02% of the combined volume traded in the cryptocurrency sphere. Its weekly trading range spanned from $2,396.0151 to $2,818.0505.

Currently, Ethereum’s value is significantly off by 50.72% from its all-time high of $4,864.06, achieved on November 10, 2021.

Elsewhere in cryptocurrency trading

On the Investing.com Index, Bitcoin last registered at $58,331.7, experiencing a 7.66% fall on the day.

Tether USDt was marginally up, trading at $1.0002 on the Investing.com Index with a negligible gain of 0.00%.

Bitcoin’s market cap held strong at $1,191.54B, which is 56.41% of the total cryptocurrency market cap, while Tether USDt’s market cap accounted for $118.08B or 5.59% of the overall market value in cryptocurrencies.