Ethereum Suffers Significant One-Day Loss, Impacting Market Cap

Ethereum's Market Performance

Ethereum experienced a sharp decline, trading at $2,614.33, marking a 10.30% drop in a single day. This significant decrease is the largest since November 2022. As a result, Ethereum's market capitalization fell to $323.47 billion, representing 15.79% of the total cryptocurrency market. At its peak, Ethereum's market cap was $569.58 billion.

Recent Trading Range

In the past day, Ethereum has fluctuated between $2,614.33 and $2,696.91. Over the last week, the cryptocurrency has faced an 18.31% depreciation, with its price varying from $2,614.33 to $3,366.02. Currently, Ethereum's value remains 46.25% below its all-time high of $4,864.06, recorded in November 2021.

Cryptocurrency Trading Volume

The trading volume for Ethereum in the last 24 hours was $21.34 billion, which constitutes 27.14% of the total cryptocurrency trade volume. This highlights significant trading activity despite recent losses.

Bitcoin and Tether USDt Overview

Bitcoin, another major player in the cryptocurrency market, was priced at $56,785.1, showing a decrease of 6.51%. Its market capitalization stands at $1,140.86 billion, making up 55.69% of the total market cap. In contrast, Tether USDt remained stable at $0.9995, with a market cap of $114.48 billion, comprising 5.59% of the overall cryptocurrency market.

Conclusion

The recent downturn in Ethereum's price has substantially impacted its market share and trading dynamics. While Bitcoin also faced a decline, Tether USDt maintained its value, illustrating varied trends within the cryptocurrency sector.