The prices of Ethereum went down by around 8% over the last 24 hours, due to an afternoon dip that took place on Saturday. This was reported from data stored by metrics sites Nomics. The price of this cryptocurrency started dropping at around 6 am UTC, at which point it sank to $2,374 from its previous price of $2,548. Currently, the market cap for this cryptocurrency is $274 billion.
Ethereum’s Woes
Ethereum wasn’t the only cryptocurrency to be affected by the dip. Bitcoin also went down- with its market cap coming to $647 billion. The cryptocurrency went down by 6.8% over the day to stand at a value of $34,500. Binance Coin has also dropped by 7.18% to stand at $318, with Cardano falling 10% and settling at $1.4. To put it simply, most of the large cryptocurrencies have deteriorated, and the afternoon dip that took place today has scraped off 4.85% of the market cap of the crypto sector- which now stands at $1.59 trillion.
This afternoon dip, which saw Ethereum and other coins falling, has also done away with the gain that several privacy coins like Monero and ZCash brought out this morning. Just a few hours back, the two privacy coins had recorded a gain of around 30%. This dip settled at 7.82% for Monero, and 2.94% for ZCash.
The main struggle for Ethereum began after the coin managed to hit an all-time high of $4,350 on the 12th of May. Just a few hours later, Elon Musk, the CEO of Tesla and SpaceX slammed the proof-of-work that Bitcoin utilizes for its mining mechanism, as environmentally unsound. Ether, unfortunately, uses the same feature.
