Ethereum’s Market Share Sinks To A 30-Month Low

Ethereum’s market share has seen better days since it is now down again creating a pattern for the past 30 months as we are reading in the coming altcoin news below.

The world’s second-largest cryptocurrency by market cap is in real bad shape recently in terms of price. Ethereum has ditched more than 7.5% percent today following a week of losses from the brief increase up to $240. Being at the $225 yesterday, ETH plunged below $210 as it is continuously sliding towards the psychological $200 cliff edge. Aside from EOS which is also in a steep correction, Ethereum is the worst performing asset in the top twenty. Since it lost the support at $350 in June, ETH dumped about 40% in value to current levels and bitcoin only lost about 15% from its 2019 high. This major disparity has crushed Ethereum’s market share to a 30 month low of about 7.6% according to the data from Tradingview.

According to the Coinmarketcap charts, Ethereum’s market share has now been this low since the end of February in 2017. This was before the major altcoin run that started in the summer and also during the ICO boom that followed. The closest that the assets have been was in June 2017 when BTC dipped below 40% while Ethereum was above 33%. The crash in ETH prices and market share has given bitcoin a two year high advance in terms of dominance since bitcoin tapped 71% earlier. Not only did Ethereum crush in terms of price and market share, but the realized volume is also at its lowest point in the past four months according to Skew Markets Data.

At the moment, ETH volume is currently about $7 billion and its highest point was reached at about $18 billion in mid-May during the first action rally for more than a year. Ethereum’s market cap is dropping also very hard as it returns towards the $20  billion where it was in early May. None of this is good news for Ethereum holders but as we have seen in the past this crypto asset is one of the first to rebound when the things go sideways.

Ethereum is now gaining attention in China causing some to believe that there will be a 50% surge in price that could take place over the rest of this week. As we can read in the latest cryptocurrency news, the next week could be a bloody one for Ethereum and other assets since bitcoin’s return caused a huge avalanche.