Reasons for the recent Ethereum price drop (Recent price trend of Ethereum)
The recent Ethereum price drop has led to speculation about its cause. After ex
The recent Ethereum price drop has led to speculation about its cause. After experiencing a sustained surge, the price of Ethereum has recently started to decline. According to Skew data, ETH price dropped after closing at $18.89 on Wednesday; subsequently, the Ethereum price corrected to around $16.55.
Since early July, Bitcoin has already dropped more than 20%, with its total market value currently around $915 billion, an increase of about 70% since mid-December last year. Although the correlation between Bitcoin and gold continues to strengthen, similar trends occurred on Monday and Tuesday this week. With increased market demand for BTC and a surge in institutional investor demand for Bitcoin, Ethereum also experienced an upward trend.
Recent price trend of Ethereum
According to TokenGazer data analysis, as of 11:00 AM on August 5th, Ethereum’s price was $268.46 with a total market value of $28,089.9 million. The trading volume on major exchanges is approximately $119.9 million.
The number of active addresses and on-chain transactions for Ethereum have shown some recovery. The 30-day developer index is around 2.33%. There is a certain positive correlation between the prices of Ethereum, BTC, and ETH. Currently, the total market value of ERC20 tokens is less than 70% of the total market value of Ethereum, a decrease of nearly 30% from yesterday. Regarding Ethereum 2.0 deposit contract staking, over 6 million ETH has already been locked.
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