- Ethereum market cap crashed hard due to the bearish market
- ETH remains the second-largest digital asset in the crypto world
Ethereum market cap crashes as Bitcoin price slumps further. Specifically, the Ethereum market cap nose dived to almost $200 billion from its previous market cap of over $490 billion. This drastic decline of the ETH market cap is due to the continued high volatility of the crypto market. Truly, we can say that ETH is not in a good position to attract global investors.
However, despite the left and right bearish wave of the crypto market, ETH keeps its throne beside Bitcoin. As a result, people in the crypto world cannot help but think about the possibility of ETH flipping BTC.
This made Forbes, the global media company react in a tweet post:
Furthermore, the chief investment officer of Two Prime, Nathan Cox, also believes ETH might dethrone BTC in the future. “In the long, long, multi-year timeline, yes, ethereum will flip bitcoin. It’s just now starting to be understood by the second-tier adopters. Ethereum’s utility alone will outstrip anything else.” he said.
On the other hand, Bitcoin crashed hard below its $30k support level. As a result, top altcoins in the crypto market follow the bearish trend of Bitcoin. For instance, BNB, THETA and XRP are all altcoins that suffered a 24-hour loss of over -10%.
In other news, China strengthened its rally against cryptocurrencies and mining farms in the country. This movement comes after the authorities in China ordered the closing of a major mining center in the country.
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