The crypto market turned dark red this week. After, among other things, bitcoin (BTC) failed to break an important resistance, a hefty rejection followed, with which we saw the total crypto market fall in value by more than $170 billion. How are the prices now? You can read it in this crypto market update.
Ethereum down more than 20%, despite merge hype
Starting with the largest altcoin on the market, Ethereum (ETH). It declined in value by 2.8% over the past 24 hours, but underperformed over the past 7 days. Ethereum also encountered significant resistance, near USD 2,000, and failed to break. A quick descent followed.
#ethereum down 22% in a week! Retraced much of the big move it had made. Now back under $1,600 which was a key line of resistance previously. pic.twitter.com/EYIBduYhO0
— Lark Davis (@TheCryptoLark) August 21, 2022
As a result, the ETH price is more than 20% in the red. Ethereum is now worth $1,596 according to price tracking website CoinMarketCap. The ethereum price in euros is €1,592 on the Dutch crypto exchange Bitvavo.
Despite the declining price, we see that adoption continues. The number of wallets that hold more than 0 ETH has increased to a all time high (ATH) from 85,250,979. That does not mean that 85 million people actually use Ethereum, because someone can own multiple wallets.
#Ethereum $ETH Number of Non-Zero Addresses just reached an ATH of 85,252,481
Previous ATH of 85,250,979 was observed on 20 August 2022
View metric:https://t.co/beS1MtIgAZ pic.twitter.com/Kxb6GDAb1v
— glassnode alerts (@glassnodealerts) August 21, 2022
Read a column published today about the Ethereum Merge and the problem the network faces once the Merge is complete.
Damage Binance coin (BNB) and XRP remains limited
Then the rest of the top 10. What is striking is that there are a number of altcoins where the damage has been relatively limited this week. While ethereum, cardano (ADA) and solana (SOL) are down by up to 25%, the counter at BNB is at ‘only’ 9.4%. The same goes for XRP and dogecoin (DOGE). With both, the price is in the red by a maximum of 11%.
Over the past 24 hours, BNB, the native crypto within the ecosystem of the major Binance exchange, is even up 3%. However, BNB cannot match the rise in EOS (EOS) over the past 24 hours. The number 40 is 8.4% in the plus and is 2.8% in the plus compared to a week ago. This seems to be related to the recent EOS rebranding.
All in all, all cryptocurrencies are worth $1.02 trillion at the time of writing. Total trading volume decreased by 17% to $71.5 billion. The altcoins are losing some ground against bitcoin. Bitcoin dominance has increased by 0.36% to 40.08%, meaning Bitcoin’s total value makes up 40% of the total crypto market.
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