{"id":492555,"date":"2022-06-08T10:50:08","date_gmt":"2022-06-08T10:50:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=492555"},"modified":"2022-06-08T10:50:08","modified_gmt":"2022-06-08T10:50:08","slug":"ethereum-market-cap-cut-by-over-100-billion-last-month","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/","title":{"rendered":"Ethereum Market Cap Cut By Over $100 Billion Last Month"},"content":{"rendered":"

The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month.<\/span><\/p>\n

Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows.<\/p>\n

The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year.<\/span><\/p>\n

Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion.<\/span><\/p>\n

The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion.<\/span><\/p>\n

Suggested Reading | Axie Infinity Revenue Continues To Collapse \u2013 Here\u2019s Why<\/a><\/em><\/strong><\/p>\n

ETH Price On A Downward Trend<\/b><\/h2>\n

Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum\u2019s market cap drop.<\/span><\/p>\n

The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia\u2019s invasion of Ukraine, and increase in interest rates.<\/span><\/p>\n

ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion.<\/span><\/p>\n

ETH opened at a price action of $2,072 and had a $1,748 intraday low. Trading volume registered at $42.46 billion, which signifies a market cap of $236.88 billion.<\/span><\/p>\n

<\/p>\n

ETH total market cap at $218 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
The figures show a collapse of 30% in ETH\u2019s opening day market value. And experts say the lowest point of ETH can extend to July 2021.<\/span><\/p>\n
What Triggered ETH\u2019s Price Drop?<\/b><\/h2>\n
Ether has been down for the past few weeks. The following are the factors that could have attributed to its price drop:<\/span><\/p>\n