There’s bad news for Ethereum bulls, as the price of ETH has come crashing down from its recent high of $4,350. The 10 percent drop has wiped out more than $34 billion in market cap since May 16th and now stands at around $2,500, according to CoinMarketCap data. At press time, ETH is trading at $2,496 – down 8 percent on a 24-hour basis – with no signs of recovery in the near future.
The cryptocurrency has been stable for the past few months, trading in a range of about $1,500-2,000 after hitting a new record high of $4,350 in mid-May.
Ethereum’s price fell by over 15% on Thursday morning to trade at $1,151 at 10:22 UTC before recovering slightly to $1,190 by 11:27 UTC. A single ETH token is currently worth around $108 and its market cap is valued at over $11 billion.
The cryptocurrency has been stable for the past few months, trading in a range of about $1,500-2,000 after hitting a new record high of $4,350 in mid-May.
Ethereum bulls are not giving up just yet as on-chain metrics suggest strong inflows from traders and investors.
Ethereum Gets Rid Of $500m
Over the past month, ether (ETH) has been trading in a tight range of $100 to $110 against bitcoin, with some volatility around that level. The price has now risen from its low of $91 to over $102 within 24 hours yesterday. In the past 48 hours, Ether transactions have seen a record high amounting to over 18 million, indicating strong interest from traders and investors in the cryptocurrency.
As the third largest cryptocurrency by market cap, Ethereum has seen its fair share of ups and downs. But what’s interesting is that the price action on ETH futures appears to be completely independent of these fluctuations in the crypto markets. That is not to say that there aren’t any correlations between them—there may be some at times—but it seems like traders are increasingly using ETH futures contracts as a way to diversify their portfolios with more stable assets while still maintaining exposure to cryptocurrency assets like BTC or LTC
