The After Effects of Ethereum Downfall to $1400

The overall market conditions has gathered recovery pace after heavy downfall
  • Ethereum’s value went down by 20.21% on February 23, 2020
  • The descending move drove Ethereum’s market cap down to $173.00B
  • Bitcoin last recorded a value of $47,544.1, marking a fall of 14.24% on the day

The fall in Ethereum’s value

The descending move drove Ethereum‘s market cap down to $173.00B. This represented a worth of 12.07% of the whole cryptocurrency market cap. At its peak, Ethereum’s market cap stood at $225.07B. Ethereum traded between the span of $1,480.32 to $1,781.44 in the existing twenty-four hours.

Over the past week, Ethereum witnessed a significant drop in its value with a loss of 10%. The magnitude of Ethereum dealt in the past twenty-four hours till now was $46.73B or 18.96% of the total size of all cryptocurrencies. In the past week, its trading value ranged between $1,480.31 to $2,040.79.

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Currently, Ethereum‘s current price is still down 27.44% from its record high value of $2,040.79. The latter struck a historic mark on Saturday, February 20, 2021. This happened due to an evident rise in the confidence of institutional investors. This increased confidence in blockchain-based technologies has supported the growth of Ethereum’s impact within the space of cryptocurrencies.

The Ongoing Progress with Ethereum

The Ethereum team knows the complexities of the high gas fees. EIP 1559 will aim to cover two major functions. It will construct a market rate for block inclusivity. Secondly, it will release a transaction fee burn procedure. The ETH Core Developer Danny Ryan’s recent update professes that the proposal is now active. The team is enthusiastically managing it, and they are expecting a rollout this year. 

In other news, Binance announced on February 22 that it is suspending the activities related to $ETH and ethereum-based tokens temporarily. The network claims that the potential reason for the suspension is network congestion.

The State of Other Crypto Assets

Bitcoin last recorded a value of $49,543.1, marking a gain of 5.24% on the day. Tether stood at $1.00 with a gain of 0.34%. Bitcoin’s market cap last stood at $922.86B or 62.64% of the entire cryptocurrency market cap, while Tether’s market cap accumulated to $34.72B or 2.42% of the complete cryptocurrency market worth.

Thus, it will be interesting to observe how the crypto market responds to the volatile price changes of the leading crypto assets.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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