- Ethereum has dropped 10%, dragging the broader crypto market down, with Bitcoin also seeing significant losses.
- Experts are warning of further volatility as the market faces increased uncertainty after a major global sell-off.
The cryptocurrency market is in freefall today, with Ethereum (ETH), the second-largest cryptocurrency by market cap, suffering a dramatic 10% drop. According to data from CoinGecko, ETH plummeted to an intraday low of $1,601, and the selling pressure is only intensifying.
Ethereum’s downfall is echoing across the market, with Bitcoin (BTC) also taking a hit. Although Bitcoin dropped below the $79,000 mark to a new low of $78,882, its losses aren’t as severe as Ethereum’s. The ETH/BTC ratio has sunk to its lowest level since March 2020, signaling a stark divergence between the two giants of the crypto world.
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This downturn comes after a massive sell-off across the global financial markets, where the U.S. stock market experienced a staggering $6 trillion loss in just two days. Analysts are now bracing for further turbulence in the crypto sector, with some even comparing the current sell-off to the 2008 financial crisis. The volatility is not just limited to Ethereum, as altcoins like Dogecoin (DOGE) and Solana (SOL) are also approaching double-digit losses.
Despite the grim situation, some are finding a silver lining. Analyst Adam Cochran humorously commented on social media, “I, for one, am super excited to get to buy ETH at double digits again,” hinting at potential bargains for investors with a long-term outlook.
Market experts are on edge, warning of further instability. Prominent angel investor Jason Calacanis has predicted that Bitcoin could potentially fall as low as $60,000 this year, and some Wall Street desks are preparing for heightened selling activity in the coming days. As fear and uncertainty grip the market, investors are urged to remain cautious and do thorough research before making any decisions.
While today’s crash is painful for crypto enthusiasts, it serves as a reminder of the volatility that has always been inherent in the digital asset space. The coming days will likely reveal if this is just a temporary dip or a more profound shift in the market’s trajectory.
