Ethereum Market Cap Plunges
  • 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.

Tagged
Disclaimer Read More

Crypto News Land (cryptonewsland.com), also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.