12 May 2022 10:11, UTC
Reading time: ~2 m
The second-largest cryptocurrency has seen a 20% drop in value in the past 24 hours, dropping its market capitalization to $229 billion
On May 12, the price of Ethereum, the second most capitalized cryptocurrency, fell below $2k. Altcoin updated its price low from July 2021 at $1.8k. As of 12:10 Moscow time, the coin is trading at $1.9k, it has fallen in price by 19% over the past 24 hours. The trading volume of the asset amounted to $55 billion for 24 hours.
Bitcoin plummeted 14% and fell below $27k for the first time since 2020.
Ethereum’s sharp drop in price followed bitcoin’s collapse. On the morning of May 12, it updated its price low from December 2020 at $26,700.
As the crypto market fell, large Ethereum holders were actively selling and buying the cryptocurrency. According to Santiment, on Wednesday, May 11, Ethereum “whales” made over 2.9 thousand transactions, each of which amounted to more than $1 million. This is the highest figure in the last 5 months.
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