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- 1 The price of Ethereum showed mixed reactions according to its recent performance.
- 2 The U.S. government is working towards its decision regarding the debt ceiling that can affect the price of the crypto market.
Most of the cryptocurrencies showed bearish outlook in its recent week price analysis and Ethereum is one of those. The two of the most-traded cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have similar price performance. While it can be seen that the U.S. is moving toward a date that may have historic consequences for the global market.
It can be seen that the crypto market is also somewhere affected by the crucial decisions by U.S. governments. Earlier this month the U.S. Treasury Secretary Janet Yellen shared about the U.S. debt. As she said if the debt ceiling isn’t suspended or raised as early as June 1st then the government would soon run out of funds. She further added, if the lawmakers will not actively react and are not able to come to an agreement on spending, then Washington won’t be able to pay its bill.
Ethereum (ETH) Price Analysis
At press time, the price of ETH trading at $1,812.43 with a 24-hour trading volume of $5.33 Billion. Ethereum is up 0.65% in the last 24 hours, with a current market cap of $217.95 Billion. In recent 7-days the price performance of ETH not showing any clear picture. But the recent month price of ETH showed nearly 6% drop, according to the data sourced from CoinMarketCap.
However, the global crypto market cap is $1.11 Trillion having a 0.31% increase over the last day. Also, the total crypto market volume over the last 24 hours is $27.83 Billion, which makes a 20.12% decrease. The total volume in DeFi is currently $1.76 Billion with 6.33% of the total crypto market 24-hour volume. The volume of all stable coins is now $25.77 Billion, which is 92.60% of the total crypto market 24-hour volume.
The dominance of most-traded cryptocurrency by market cap is currently 46.14%, a decrease of 0.03% over the day.
ETH Amount on Centralized Exchanges
According to the data from Glassnode, the amount of Ethereum on centralized exchanges almost hit a 5-year low. Having almost 17 Million ETH on these exchanges, the sum represents nearly 14% of the network’s total token supply.
The most volatile cryptocurrencies such as BTC and ETH leaving centralized exchanges are sometimes seen as a bullish outlook among investors. However, an inflow of cryptocurrencies to exchange is viewed as bearish. As it is suggesting that investors are moving to these platforms to sell off some of their holdings.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
