The Impact on Ethereum
The crypto market witnessed a significant downturn this week, with Ethereum, the second largest digital asset, taking a substantial hit. Ethereum (ETH) is currently trading at $1,543, reflecting a drop of over 6% in the past week.
This decline has pushed Ethereum to its lowest point since March, as per CoinGecko data. Despite a major upgrade over a year ago, transitioning to a proof-of-stake blockchain for enhanced energy efficiency, the move has not significantly affected the asset’s price.
Top Performers and Losers
Toncoin (TON)
Among the top 20 virtual coins and tokens, Toncoin (TON) experienced the most substantial decline, plummeting over 10% in seven days and now trading at $1.95. The native cryptocurrency of The Open Network had previously surged after the launch of a self-custodial digital wallet by the popular messaging app Telegram, but it has since erased those gains.
Solana (SOL)
Solana (SOL), the eighth largest digital asset by market cap, faced a nearly 8% drop over the week. The asset’s value declined amid the ongoing trial of alleged crypto criminal Sam Bankman-Fried. Solana was previously a favorite investment of Bankman-Fried’s collapsed digital asset megabrand and exchange FTX and has been repeatedly mentioned during the trial.
Other Major Losers
- Ripple (XRP) – Down over 8%
- Polygon (MATIC) – Down over 8%
- Bitcoin Cash (BCH) – Down over 8%
Bitcoin (BTC)
Bitcoin, the oldest and largest cryptocurrency, experienced a 4% decrease in value over the week, currently trading at $26,759.
Institutional Investment Trends
Interestingly, just last week, investment firm CoinShares reported a surge in crypto market investments originating from institutional investors. Despite the recent downturn, the crypto market continues to be of interest to a diverse range of investors.
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