How is Ethereum (ETH) crypto performing amid a market downturn?

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How is Ethereum (ETH) crypto performing amid a market downturn?

How is Ethereum (ETH) crypto performing amid a market downturn?
Image source: © Violka08 | Megapixl.com
Highlights:
  • Ethereum is a decentralized open-source blockchain offering crypto trading services.
  • The ETH token can be traded on all major crypto exchanges like Binance, Coinbase Pro, etc.
  • The ETH token’s highest price in the last 30 days was US$2,528.26.

The sharp fall in cryptocurrency prices dragged down the global crypto market on Tuesday. Bitcoin (BTC) fell more than 5%, while Ethereum (ETH) declined by over 8% in early trading.

The crypto market decreased by 6.28% to US$1.21 trillion at 8:42 am ET, while its volume in the last 24 hours rose 21.66% to US$79.70 billion.

The world's largest altcoin Ethereum (ETH) crypto has been on the investors' radar due to the anticipated Ethereum "Merge", which involves the shifting of the Ethereum network from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) mechanism.

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The transition will cut the energy consumption level required by the PoW mechanism and enhance the network's scalability, speed, and functionality. Additionally, it would address common issues affecting the network users. Here we discuss the Ethereum crypto before exploring its price and performance.

What is Ethereum (ETH) crypto?

Ethereum is a decentralized open-source blockchain for cryptocurrency trading. It executes decentralized smart contracts. Ethereum aims to be a global platform for decentralized applications (DApps), where users can write and run the software. The project was founded by Vitalik Buterin along with Gavin Wood, Charles Hoskinson, and others.

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Buterin had first described the project in a whitepaper in 2013. However, the Ethereum Foundation officially launched the blockchain in July 2015.

ETH is the native token of the platform. It is available on all major crypto exchanges like Binance, Coinbase Pro, Huobi Global, etc.

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How is Ethereum (ETH) crypto performing amid a market downturn?Data Source: CoinMarketCap.com

Bottom line:

The ETH token was priced at US$1,749.21 at 8:54 am ET on June 7, down 8.44%, while its volume in the trailing 24 hours rose 42.84% to US$20.34 billion. It has a market cap of US$211.81 billion, and its fully-diluted market cap is US$211.84 billion.

The crypto saw the highest price of US$2,528.26 and the lowest price of US$1,721.26 in the last 30 days. Its current trading price was more than 64% lower than its all-time high of US$4,891.70 on November 16, 2021.

But with the Ethereum 2.0 update or "Merge" due, investors appeared to be bullish on the project. However, investors should exercise due diligence before investing in the market, given the uncertainties and high volatility in the crypto space.

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Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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