Ethereum, the world’s second-most valuable digital currency, saw immense volatility near the price level of $2,000. After spending approximately 2 weeks above $2,000, ETH touched a low of $1,850 on Wednesday 14 July.
According to the latest data posted by Coinmarketcap, Ethereum dropped by nearly 2% in the last 24 hours. The cryptocurrency is currently trading above $1,900 with a market cap of more than $220 billion. ETH’s crypto market dominance took a major hit in recent days. Currently, Ethereum accounts for approximately 17% of the total crypto market cap.
Ethereum is down by nearly 10% in the last seven days. Since 15 June 2021, the world’s second-largest cryptocurrency has lost 20% of its value. Despite the latest correction, institutional interest in Ethereum has not vanished completely. According to the latest digital asset fund flows report published by CoinShares, ETH-related investment products saw approximately $1 million worth of inflows last week, compared to $7 million worth of outflows from Bitcoin investment products.
PayRetailers Continues its Strong Growth in 2021Go to article >>
Additionally, Ethereum whale activity jumped substantially in the last few days. Earlier this week, a leading ETH wallet transferred 40,000 coins worth over $80 million from cryptocurrency exchange Gemini to a digital wallet.
ETH mining industry struggled in the last few weeks due to the latest crackdown by China on the regional crypto miners. However, ETH miners saw a recovery recently as mining balances increased steadily. “Miner balances for Ethereum have been rising steadily for the past month…