Ethereum is Currently Down by 2.39% in the Last 24 Hours

Ethereum (ETH) has made its way to CoinMarketCap’s trending list, standing at number 2. ETH is positioned behind Bitcoin (BTC) and right in front of Tether (USDT).

In terms of market cap, ETH is currently ranked second according to CoinMarketCap. This once again places ETH behind BTC and in front of USDT.

In the last 24 hours, ETH has seen a drop of 2.39% but when looking at the weekly numbers, ETH is only down by 0.51%.

In the last 24 hours, ETH has also seen a trading volume of $21.94B. At the time of writing, ETH currently stands at $3,011.01 which translates to 0.07413854 Bitcoin. For some perspective, Ethereum’s all time high was $4,891.70.

The retracement in ETH’s price can be attributed to a number of factors. One is the retracement that the majority of the crypto market has experienced over the last week. Another factor could be traders and investors taking profit and cashing out for the weekend.

However, Ethereum’s relatively flat price movement could be due to the recent announcement that The Merge, an event that will see Ethereum shift from Proof of Work (PoW) consensus to Proof of Stake (PoS) consensus, has been delayed yet again.

Ethereum is at risk of losing its market dominance in the market as its competitors have all implemented scalability measures in their networks. If Ethereum does not complete The Merge soon, then we may see ETH’s competitors such as Cardano and Solana taking over the market as the de facto DApp development platform.