With the global economy effectively going through a period of recession, it has been a harsh one for cryptocurrencies and the crypto market as well. And to increase the woe of crypto enthusiasts, things do not exhibit any signs of changing anytime soon. Four days after Ethereum got its biggest-ever software update, the prices of the major cryptocurrencies of the world continue to tumble and hit new lows as the negative trend in the crypt market shows no signs of leaving.
Ethereum, which is the second-largest cryptocurrency in the world by trading volumes, dropped below $1500 – a drop of about 8% – to reach $1471 on Sunday, September 18. Since then, it has dropped further to currently reach $1301.33.
This steep fall in its price follows the “merge” on Thursday, which is slared to use 99.95% less energy and fundamentally alters the way the blockchain secures its network and verifies transactions.
The software update, when it took effect, was touted to be a game-changer for the crypto industry at a time when the market has been taking hit after hit for months. Unfortunately for them, this gambit has not worked out for them so far, although the long-term effects are yet to be seen, especially since it has fallen as much as 10.1% in the last seven days.
According to Edul Patel, CEO and co-founder, Mudrex (a cryptocurrency company), the next primary support level of Ethereum is at $1,400, while the immediate resistance is at $1,500.” Currently, Ethereum has a market capitalisation of $179.9 billion and a trade volume of $26.5 billion in the last 24 hours.
Looking at the performance of other cryptos, we find that Bitcoin, the largest and most popular cryptocurrency across the globe, has clocked another steep fall in its price. It dropped below the $20,000 mark for the first time since September 8 – it was trading at more than 1% lower at $19, 736, before it dropped further to currently reach $19,449.50. Its market value stands at $377.9 billion, while its trade volume amounts to $36 billion.
The global crypto market cap stands at $961.02 billion, with a volume of $84.82 billion in the past 24 hours.
Other cryptos fared little better. Dogecoin, the meme-based cryptocurrency, traded at 1% lower at $0.057, while its market capitalisation reached $7.8 billion. Shiba Inu dropped by 4.5% to trade at $0.000012, while Solana fell by 3.5% to trade at $32.80.