Ethereum, Bitcoin Slide Further Through The Weekend
The sugar high of the $Ethereum (ETH.CC)$ merge on Thursday led into a dour weekend of red for both the newly miner-free ETH and top crypto $Bitcoin (BTC.CC)$.
Ethereum was down 22% for the week, and Bitcoin was down 10%. The declines echo a similarly down week in which overall economic metrics—ranging from the Consumer Price Index to traditional market indicators Nasdaq and the S&P 500—also fell.
But Ethereum's sinking fortunes following the merge belies some analysts' assertions immediately following the upgrade that the impact of the merge on the value of ETH had already been priced into the market.
As for Bitcoin, its total market cap was headed back toward its six-week low of $18,661 on Sept. 6, territory it hasn't touched since the end of June. Bitcoin's total market cap was back below $375 billion on Sunday, a threshold last breached on Sept. 6 and not since July 13 before that.
$Tezos (XTZ.CC)$ $EOS (EOS.CC)$ $ChainLink (LINK.CC)$ $XRP (XRP.CC)$ $Dogecoin (DOGE.CC)$
Ethereum was down 22% for the week, and Bitcoin was down 10%. The declines echo a similarly down week in which overall economic metrics—ranging from the Consumer Price Index to traditional market indicators Nasdaq and the S&P 500—also fell.
But Ethereum's sinking fortunes following the merge belies some analysts' assertions immediately following the upgrade that the impact of the merge on the value of ETH had already been priced into the market.
As for Bitcoin, its total market cap was headed back toward its six-week low of $18,661 on Sept. 6, territory it hasn't touched since the end of June. Bitcoin's total market cap was back below $375 billion on Sunday, a threshold last breached on Sept. 6 and not since July 13 before that.
$Tezos (XTZ.CC)$ $EOS (EOS.CC)$ $ChainLink (LINK.CC)$ $XRP (XRP.CC)$ $Dogecoin (DOGE.CC)$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
