Ethereum Cryptocurrency Value Falls Sharply

Ethereum cryptocurrency this week fell to its lowest value in more than three months in a global market sell-off.

Etherium (ETH) was down more than 10 percent in a 24 hours period, knocking its price below the $200 threshold for the first time since May 2019. It is now valued at $187.

With the latest drop, close to 80 percent of all ETH holders are out of pocket, according to crypto market analytics firm, IntoTheBlock.

Ethereum is today’s worst-performing asset in the top five coins, but fared better than both EOS and Bitcoin SV in the top 10.

Meanwhile, as the market falls into the red, Bitcoin’s dominance is growing. Bitcoin has captured 68.4 percent of the total value in the crypto market, while Ethereum’s market share has shrunk to just 7.5 percent.

However, it’s not all bad news for Ethereum. It has managed to claw itself back to second in the crypto rankings—with its market cap nearly double that of XRP—after Ripple’s currency suffered huge losses in the last few weeks.

The exact reason behind the general crypto slide remains unclear. However, some have suggested it’s the result of the weakening Chinese Yuan and yesterday’s crash of the Dow Jones that has spooked investors—with many looking for safety in stablecoins.

With the world economy seemingly poised for a significant downturn, the brief crypto spring looks like it might skip summer and head to winter.

Edited from Yahoo Finance