Ethereum Drops by 7% Today as the Cryptocurrency Sell-Off Continues

Ethereum, similar to Solana, has continued its multi-day slide today with a drop of 7% in price in the last 24 hours.

The price of Ethereum dropped 7% in the last 24 hours, continuing its multi-day slide. The world's second-biggest cryptocurrency has been a victim of the prolonged cryptocurrency sell-off for a while and is expected to go down even more.

Bitcoin, on the other hand, was trading between USD 82,500 to USD 89,000 during the trading hours in the USA. However, it has made a slight recovery today in the early Asian hours. At the time of publishing this news, BTC’s price currently stands at around USD 86,250.

Other major tokens, like BNB, XRP, ADA, and Dogecoin also experienced a slump of 4%, with almost USD 600 million coins being liquidated since yesterday.

The Good and the Bad News

Contrary to the other coins, APT (Aptos) and LTC (Litecoin) have made a promising stride and risen over 10% in value. APT’s uprising was caused due to the registration of ‘BITWISE APTOS ETF’ in Delaware, USA.

While there are some rumors related to Litecoin with regards to its success in the market, traders still aren’t trusting its trajectory yet.

According to Ben Yorke, the WOO VP of Ecosystem, the Bitcoin clones, although showing promising results, won’t get long-term commitment from traders because they offer no organic demand, yield, or utility apart from ETF approval speculation.

He also added that these coins would also be sold soon, as investors would try to focus on more topical trends amidst the future ETF rumors.

What’s the Bottom Line

Losses in the cryptocurrency market have been mirroring the equities’ slump in the USA due to NVIDIA’s failed attempt to wow investors. So, this downward is expected to continue, as market watchers are also waiting for macroeconomic cues before they begin investing in Bitcoin again.