The world’s utility crypto, Ethereum, was trading at $1,092 as at press time, dropping as much as 20.07% on the day. It was Ethereum’s biggest one-day percentage loss since March 12, 2020.
The bearish move pushed Ether’s market value down to $131 billion, or 13.37% of the total cryptocurrency market value. At its highest price, the crypto-asset’s market value was $147 billion.
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Ethereum’s price had been ranging between $1,091.97 and $1,257.30 for the day.
In the past one week, Ethereum’s value had rallied by 17.86%. The volume of the utility crypto traded for the day to press time stood at $39.4 billion or 21.54% of the total volume of the crypto market.
Ether bears have taken a stronghold on the second most valuable crypto by market value, amid impressive gains recorded in 2021, not forgetting that Ethereum is still up by 40% this year.
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What you should know
Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications with, in a decentralized manner, while all states and data are distributed and publicly accessible.
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