Ethereum News: Ethereum Experiences Steep Decline, Falling 10% Amidst Broad Crypto Market Selloff

In a turbulent day for cryptocurrencies, Ethereum saw a drastic reduction in value, dropping 10.07% to close at $2,933.47, according to the Investing.com Index. This marks the largest single-day loss Ethereum has experienced since August 5, 2024.Impact on Ethereum's Market PositionThe sharp decrease has significantly impacted Ethereum's market capitalization, which fell to $354.13 billion, making up 18.59% of the total cryptocurrency market cap. At its peak, Ethereum's market cap reached $569.58 billion, highlighting the volatility in the cryptocurrency market.Ethereum's Trading ActivityOver the past 24 hours, Ethereum traded between $2,932.96 and $3,163.03. This week's performance shows a downward trend, with Ethereum losing 12% of its value. The trading volume for Ethereum was notably high, totaling $32.48 billion, accounting for 13.64% of the total cryptocurrency trading volume.Comparative Performance in the Crypto MarketWhile Ethereum struggled, other major cryptocurrencies also faced downturns. Bitcoin dropped by 4.66% to $97,250.1, and XRP saw a significant decline of 14.82%, trading at $2.5494. Despite these drops, Bitcoin's market cap remains dominant, constituting 101.09% of the total market, whereas XRP's market cap is at 7.82%.Long-Term Perspective on EthereumDespite the current setbacks, Ethereum remains 39.69% below its all-time high of $4,864.06 set on November 10, 2021. This reflects the ongoing challenges and the potential for volatility in the cryptocurrency markets.