The month started with all the cryptocurrencies showing signs of resistance to the bear’s control over the market. However, this was shattered yesterday as the coins failed to resist the bear’s attack, with most of them breaking through their support level and entering a free fall. Additionally, a majority of the coins in the top ten were seen bleeding in double digits including Bitcoin [BTC], Ethereum [ETH], and XRP.
Ethereum [ETH], the third-largest cryptocurrency by market cap, continues to be one of the most affected coins in the market. The coin, which is being crushed by the bear, has settled below the $100 mark.
According to CoinMarketCap, at press time, Ethereum was trading at $86.90 with a market cap of $8.88 billion. The coin records a trading volume of $2.28 billion and has witnessed a significant downfall of more than 14% in the past 24 hours.
The majority of the trade volume for the coin is pouring in from OEX with ETH/BTC. The second highest is recorded on RightBTC with Bitcoin pairing and the third place is occupied by LBank. The other exchanges on the top 5 list include OKEx and Bitfinex.
Along with this massive fall, the cryptocurrency witnessed a flash crash to almost $12 dollars on Coinbase Pro with USDC pairing. Nonetheless, the coin quickly jumped back to its old position.
Moreover, this is not the first time Ethereum’s price crashed on Coinbase. Earlier this year, the coin briefly crashed to $0.1 from trading above $300 on Coinbase GDAX. This resulted in the exchange refunding the customers who incurred a loss due to this and also allowed those customers, who made a profit because of the crash, to keep their funds.
The exchange was quick to act on the flash crash this time as well. They stated on Twitter:
“We’re aware of price movement on one of our order books that happened over the course of regular trading activity. Over the past 24 hours, all Coinbase platforms have operated as planned and no system-wide incidents have been identified.”
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Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks
Ethereum [ETH]’s movement on the cryptocurrency charts has been termed ‘slow’ or ‘unresponsive’ by many people involved in the world of digital assets. This subtle attack on the Vitalik Buterin co-founded network has been a prolonged process with many betting on the “death of the Ethereum network” due to the rise of faster and more efficient technologies and blockchain networks.
The second largest cryptocurrency, however, seems to have taken all these comments in stride as new data emerged that 6 of the 10 highest usage days in Ethereum’s history occurred over the past 3 weeks. Data from Etherscan.io showed a rise to a peak as Ethereum recovered well after the downturn in mid-January. The astounding peaks in terms of usage were also made evident when compared to the usage data in December/January 2018, the time period when the cryptocurrency market had reached its all-time high.
Some users in the cryptocurrency space were still critical about the data, with dk_holdnaut, a cryptocurrency enthusiast tweeting:
“I have never seen or even heard about anyone using any Ethereum app. If it was truly decentralized and censorship resistant I believe the people that value these perks the most atm and have the most funds to devote would’ve build a drug market dApp by now.”
However, Ethereum’s competition, EOS and Tron are not far behind. Just recently Tron, the Justin Sun-led cryptocurrency had announced that the TRX mainnet had crossed 2.5 million accounts, beating Ethereum with 8 million blocks. Ethereum, despite having the chronological advantage, had only 7.5 million blocks.
Ethereum had taken another hit when EOS set the record for the most number of cryptocurrency transactions in one day. Daniel Larimer, the CTO of Block.one had tweeted:
“#eos recently set a record of over 70m actions processed in one day. An average of over 810 actions per second. Our team is making great strides in further optimization and scaling. #B1JUNE”
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