Ethereum (ETH) has fallen below $1,000 for the first time in more than a year as the broader crypto market continues to slide south with no quick remedy in sight, or at least not yet.
Ether (ETH) was one of the cryptocurrencies that performed particularly poorly, falling 7.32 percent over the past day to follow Bitcoin’s loss. The second largest cryptocurrency by market capitalization is presently selling at $950, down 37.4 percent in the past week.
Examining the bitcoin market as a whole over the previous two weeks reveals that its entirety has been falling. This decline has deepened over the past week, wiping almost $300 billion from the market value of all cryptocurrencies.
Ethereum Loses Over Half Of Its Value In 7 Days
However, it is not simply crypto that’s experiencing a major beat-down. Wall Street is likewise in disarray, as the S&P 500 has shed 4.25 percent over the past week. During the same time frame, the Dow Jones Industrial Average fell 4 percent, while the NASDAQ dropped sharply less than 2 percent.
As is normal when Bitcoin declines, so do alternative cryptocurrencies. This negative trend is led by Ethereum, which has fallen below $1,000 for the first time since January 2021. In approximately seven days, ETH has lost more than half of its value.
Source: crypto hot news