Hold onto your hats, folks, because the crypto rollercoaster is in full swing! Today's market mayhem has seen billions vanish into the digital ether, with Ethereum taking a particularly hard hit.
Picture this: the total value of the crypto market has plunged to its lowest since early November, with a jaw-dropping $240 billion wiped out in just 24 hours. We're talking about a 6% dive down to $2.6 trillion, erasing all the gains made since the US elections. It's like the crypto world hit the rewind button!
But let's zoom in on Ethereum, our main character in this drama. In just 12 hours, it nosedived a staggering 16%, crashing from around $2,140 to just below $1,800. As of now, it's trying to dust itself off and was trading at $1,860. The last time Ethereum danced below the $1,800 mark was back in October 2023, when it was clawing its way out of a lengthy bear market.
There's a crucial support level in play here that ETH must cling to, or else it risks plummeting to its bear market lows. Analysts are waving caution flags, suggesting that if this support gives way, we might see Ethereum tumble to the $1,200 range. Yikes!
Currently, Ethereum is nursing a painful 62% drop from its peak in 2021. And the ETH/BTC ratio, a nifty measure of Ethereum's price in Bitcoin terms, has hit its lowest point since December 2020, falling to 0.023.
Even Dogecoin, the plucky memecoin, couldn't escape the chaos, posting heavier losses than Ethereum in today's top twenty cryptos with an 11% slide.
So, who's dumping ETH at these prices? The rumor mill suggests it's the whales, those big players trying to sidestep liquidation. Meanwhile, on Crypto Twitter, the drama is off the charts as traders and investors nurse their wounds, with Ethereum derision hitting new heights.
The angst over Ethereum has been further fueled by hiccups in Pectra testing and some mysterious attacker sending zero-token transfers, resulting in empty blocks. But fear not! Ethereum developer Marius van der Wijden has assured us that the issue is fixed. They kept things hush-hush, updating only a few nodes to ensure the network fills up with full blocks again.
Stay tuned, crypto enthusiasts, because in this market, the only constant is change!
