The second-largest cryptocurrency Ethereum has been on an impressive bullish run for over three weeks, following the sharp and prolonged crash in Bitcoin’s market value. ETH began its significant price increase few days after Bitcoin’s slump in the second week of January 2021. Thanks to Bitcoin’s underwhelming performance, Ethereum, and other Decentralized Finance (DeFi) tokens continued to surge high every day because many investors adopt them as a transaction method before Bitcoin regains its market value and trading prowess. From $1,100 per unit, Ethereum’s price jumped up to over $1700 last week, setting a new all-time high record in the process.
ETH price crashes By 10%
Unfortunately, just as we saw with Bitcoin in January, ETH couldn’t keep its steady growth after experiencing a complete market downturn yesterday. The downturn, which started at lunchtime on Sunday, has successfully forced the currency into losing at least 10% of its previous price. After reaching $1626 last week, Ethereum’s current price is $1,513. The slump hasn’t shown any sign of stopping despite swift moves by top crypto investors and Exchange platforms to correct the trend as soon as possible.
The crash happens a day before the Chicago Mercantile Exchange (CME) launches its ETH Futures. CME is a platform known for its interest in creating cryptocurrency futures aimed at helping users predict the future price of the digital asset. It launched Bitcoin Future in 2017 after the asset reached its then all-time high of $19,015, and it has been an excellent addition to the crypto industry.
The CME’s soon-to-be-launched ETH Future is equally tipped to positively impact the price and overall value of the cryptocurrency because it consists of perfectly regulated templates for institutional investors to suggest what the future holds for Ethereum in terms of price and volatility rate. Apart from making it easy for institutional investors to predict ETH’s future price, it also makes betting more comfortable and accurate.
Bitcoin, Polkadot, and XRP all failed to impress
The last day wasn’t a good one for the crypto industry because almost all the assets saw a sharp decline in their respective prices. Bitcoin, which seemed to have regained its trading prowess last week, witnessed a 7% price reduction in the last 24 hours, and it presently costs $37,547 per unit. XRP didn’t fare any better after recording a massive 10% fall in market value as it is now sold for less than a dollar — $0.39 specifically. Polkadot was equally on the list of the digital assets that saw an unexpected halt in its steady price growth. The DOT token suffered an 8% decrease in price, and it is currently valued at $18.7 per unit.
However, there is still some positives news as far as the trading stats are concerned. Cardano’s ADA wasn’t affected by the slumps experienced by the top cryptocurrencies. On the contrary, the crypto coin registered an 8% increase in price, sells at $0.58 per unit. The same thing applied to the meme-coin (DOGE) pumped up by Elon Musk a few days ago. Dogecoin, alongside Snoop Dogg and Gene Simmons, jointly recorded a 35% price increase in the last 24 hours.