The Crypto Market Takes a Hit: Ethereum and Other Major Coins Down
The cryptocurrency market has experienced a significant downturn this week, with Ethereum, the second largest digital asset, being one of the hardest hit. Almost every major coin and token has seen a significant decrease in value over the past seven days, with Ethereum (ETH) currently trading at $1,543, reflecting a drop of over 6% during the week.
Ethereum’s price decline is not limited to the short-term; it is currently at its lowest point since March, according to CoinGecko data. Despite undergoing a major network upgrade to a proof-of-stake blockchain over a year ago, which aimed to improve its energy efficiency, this move has had little impact on the asset’s price.
Toncoin (TON) and Solana (SOL) Hit Hard
Among the top 20 largest cryptocurrencies, Toncoin (TON) has suffered the most significant loss, declining by over 10% in just seven days and currently trading at $1.95. The native cryptocurrency of The Open Network experienced a surge in value after popular messaging app Telegram launched a self-custodial digital wallet for its users last month. However, it has now largely reversed those gains.
Solana (SOL), ranked eighth by market capitalization, has also faced a substantial decline of nearly 8% over the week. This drop can be attributed to the ongoing trial of crypto entrepreneur Sam Bankman-Fried, who had previously supported Solana through his collapsed digital asset megabrand and exchange FTX.
Ripple (XRP), Polygon (MATIC), and Bitcoin Cash (BCH) Also Experience Losses
Ripple (XRP), Polygon (MATIC), and Bitcoin Cash (BCH) are among the major losers, with all three coins shedding over 8% of their value. Additionally, Bitcoin, the largest and oldest cryptocurrency, has experienced a decline of over 4% during the week and is currently trading at $26,759.
The Impact of Institutional Investment
CoinShares, an investment firm, recently reported a surge in institutional investment in the crypto market. However, despite this increased interest from institutional investors, the overall market has experienced a notable downturn.
Hot Take: Crypto Market Faces Volatility as Ethereum Hits Lowest Point Since March
The recent decline in the cryptocurrency market has led to Ethereum reaching its lowest point since March. Despite undergoing a major network upgrade and increasing institutional investment, Ethereum’s price continues to suffer. This downward trend is also evident among other major cryptocurrencies such as Toncoin, Solana, Ripple, Polygon, and Bitcoin Cash. The market’s volatility highlights the challenges faced by cryptocurrencies as they strive for stability and wider adoption.
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