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Flash crash: Ethereum [ETH] spews blood as bear attack destroys the $99 support

Akash Anand

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Flash crash: Ethereum [ETH] spews blood as bear attack destroys the $99 support
Source: Unsplash

The bear market has shown no mercy on the cryptocurrency markets as several coins saw support breaks and price spirals. Some cryptocurrencies were more affected by the bear attack, some more than others, with Ethereum [ETH] being a prime example. Ethereum, which had earlier fallen below the $100 mark, has done it again, but this time around, the Vitalik Buterin co-founded cryptocurrency has gone even lower.

At the time of writing, Ethereum was sliding by 7.12 % and was trading for $98.87. The cryptocurrency held a total market cap of $10.455 billion and a 24-hour market volume of $2.176 million. Ethereum bear woes came into the limelight a few weeks back when XRP, replaced Ethereum as the second largest cryptocurrency on the charts. The disparity between the market caps has also increased, with the current difference being close to $4 billion.

A majority of Ethereum’s trading volume was coming from Coinbit, with Ethereum transactions worth $176.672 million being conducted on the cryptocurrency exchange. Coinbit was closely followed by OEX, which had a hold on 6.31% of the total ETH trade.

The price slide has seen a significant part of the Ethereum user base panic, especially with attacks coming in from all quarters. Justin Sun, the Founder of the Tron Foundation and its CEO, has stated multiple times that users need to shift from the Ethereum network to the Tron network.



This statement has always been followed by the Tron official giving out numbers that show that Tron has started surpassing the daily transactions of Ethereum, and sometimes Ethereum and Bitcoin combined.

One of Ethereum’s Co-Founders, Joseph Lubin, had commented on the cryptocurrency market as well as blockchain technology recently, with him stating:

“I believe in #blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″





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Ethereum

Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks

Akash Anand

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on

Source: Pixabay

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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