Ethereum value crashes as investors sell
2 Min Read
Due to an aggressive sell-off, Ethereum loses value and drops by 25%, hitting its lowest value since March 2021.
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Ethereum and Bitcoin are not the only two cryptocurrencies to lose value
Ethereum, the second most valuable cryptocurrency in the market, experienced a brutal drop following Bitcoin’s crash. The currency’s value sank by 15% in two days after an aggressive sell-off by investors.
Ethereum is now valued at a low of $1661, which is the lowest it has gotten since March 2021. The cryptocurrency peaked at $4878 which meant that the drop in value with respect to the highest value reached is approximately 75%.
The amount sold off was at least $200 million which resulted in a 25% drop in value. However, Ethereum and Bitcoin are not the only two cryptocurrencies to lose value. 10 of the top cryptocurrencies dropped value by at least 3% except for Cardano. This last one went up by 6% according to the CoinMarketCap data.
Read more: Bored Ape metaverse mint raises crazy transaction rates, crashing ETH
David Gerard, the author of Attack of the 50 Foot Blockchain, told 60 Minutes “You can’t get rich for free. You’d think that was obvious, but people keep hoping there’s a way out and that they’ll get ahead, but it’s always a false hope. Some people do great but more people get absolutely wrecked.”
After the catastrophic collapse of two of the most popular and apparently "stable" tokens, terra and its sister token luna, the cryptocurrency market experienced one of its largest falls on record last month.
