Ethereum has Fallen Below $2k Amid the Recent Crypto Crash

These are crucial times for the crypto market and the cryptocurrencies as the market at present is going through a severe crash. Almost every cryptocurrency, say Ethereum or Bitcoin, is valued at half of its original or all-time high. There are various factors at play here, and just like the 2017’s crypto crash, the blame is put solely on China’s crackdown regarding crypto mining and restricting its citizens from ever using or trading in cryptocurrency.

But there is a bigger picture at play here as Elon Musk’s negative tweets regarding the performance of Bitcoin and how it is drilling a hole in the environment’s safety practices is basically the thing that initiated these series of events that have now transformed into a market-wide crash.

Ethereum, Along with its Competitor Cryptocurrencies, has Taken a Heavy Blow

Anyway, talking about the price of Ethereum, it has fallen below the $2k for the very first time since April 7th. The all-time high for Ethereum, which was $4165, no longer holds any significance as the price is now half of this. The market cap of Ethereum has also halved in the course of this crypto crash which is a pretty harsh blow and momentarily roots out any and all development or work done to strengthen its blockchain. 

According to a guided estimate, Ethereum has fallen about 18% in total regarding the past day and more than 45% in the past week or so. This is way more than Bitcoin as it is the cryptocurrency that happened to be in the question for a rapid crash, given Elon Musk’s tweet’s pure focus was Bitcoin. Bitcoin has fallen by 5.5% in the past day or so and 30% in total in the past week.

These are some pretty great numbers as compared to the scenario around Ethereum, which doesn’t look any greater. Ethereum uses the same proof-of-work mining mechanism that is valid for Bitcoin and therefore has the same energy-intensive footprint as Bitcoin’s. Ethereum, on the contrary to Bitcoin, is up for a modification regarding its energy consumption by switching to a proof-of-stake network later this year. This will make Ethereum’s entire blockchain 99.5% more efficient in terms of energy. Until that happens, things might not start to turn up for Ethereum.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

All You Need To Know About New Innovations In The Crypto Space

BTC is always going to stay at the top like a boss, but the developments which are happening in DAOs, layer-2 solutions, NFTs with the emerging metaverse, and utility are much more groundbreaking and innovative right now. Bitcoin Is Great There is something definitely brewing, and those who have capable noses can easily smell it. […]

Binance Appoints Ex-detective as Director of Audit and Investigations

Binance continues to grow in this new era of crypto adoption, and to make sure that the exchange is well equipped with modern regulations and regulatory insight, Binance has acquired a new director for audit and investigation. Aron Akbiyikian is a well-renowned digital media analyst and forensic expert, and he has taken charge as the […]

Financial Giant SBI Holdings has Launched Crypto Fund

It is believed that it was Japan where the world’s first cryptocurrency, Bitcoin, was founded, but the region has been a tad slower into adopting the crypto revolution. There haven’t been any interruptions or cataclysmic bans on the digital assets and the cryptocurrencies per se, but the overall adoption of blockchain technology remained grey. But […]

Poolz Introduces $2 Million Fund for NFTs and Gaming Projects

Fundraiser and token launcher, Poolz, has said that they are bringing up a $2Million fund that will be used in the research and development of new and unique NFT and gaming projects. Poolz is establishing a fund that will contribute to the research and development of new NFTs and gaming projects in hopes of giving […]

Russian Sberbank Will Roll Out Its Digital Asset Tool This Month

Sberbank, without any doubt, is the largest financial and banking institution in Russia, and it has recently decided to make a move into the crypto space for good. A Russian take on the idea of decentralization is not very positive at all, and for this matter, the central bank of Russia is working on a […]