The price of Ethereum and other altcoins has dropped to levels not seen in weeks. The Bitcoin (BTC) market and other DeFi token markets likewise recorded this pessimistic forecast.
If the entire crypto space is considered, there has been an overall downfall of 4.8%, with the figure standing at $2.11 trillion. At the same time, quite a few altcoins witnessed even further drops, creating a rather dismal atmosphere all around. Observations show that this coincides with fewer on-chain operations, the transfer of assets to centralized exchanges, and activities related to selling.
Ethereum and other major altcoins experienced an upward trend in 2024, coinciding with the approval of spot Bitcoin ETFs in the United States. In spite of previous price increases, the current situation has been influenced by a significant number of recent selling activities and institutional influx.
The current trade price of Ethereum is below $3k, representing an almost 8% decrease. If the weekly results are considered, there has been a 16% decrease, while the monthly figure has experienced a 24% dip.
More altcoins are experiencing such outflows. ETH’s market capitalization has reached $346 billion, whereas the day-to-day trade volume has crossed the $29 billion mark. The year began with the Ethereum projections that there would be a continued increase, crossing $4,000. However, currently, ETH seems to be hovering around $3,000. It is possible that the downward slide will compel a further decline in prices.
According to experts, Ethereum prices may see an upward trend under certain conditions, such as ETH ETF, which could boost them.
This has also affected altcoins like Solana, whose trade price stands at less than $130, and Ripple, which has fallen by more than 8%. This also includes Toncoin and Cardano.