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Ethereum {ETH} crashes through key support; Bitcoin {BTC} outperformed tech giants

Bitcoin

Ethereum had witnessed a pretty astounding drop rate of 7.94% in the course of the past 24-hours. The trading volume recorded is $7.075 billion, whereas the supply has 107,516,012 ETH coins involved. At present, the total market cap of Ethereum is $18.409 billion, and ETH is priced at $171.22.

Support was established at the $172 mark. Bearish momentum continues to sway the majority of the market. Almost all amongst the top 20 coins are under control of the sellers. Up next, ETH has support near the $166 level. However, I’m unsure as to how long that’ll hold.

As an investment, Ethereum hasn’t performed too well for the past two years. Even though ETH adoption has sped up, Vitalik needs to bring in better partnerships and a few protocol changes [if possible]. He had previously proposed a deal with Bitcoin Cash, which prompted numerous negative reactions from the community.

There was some stability for Ethereum back when it was near the $186 region. Michael Foster, the CEO of LocalEthereum was recently interviewed by defiprime reps. LocalEthereum is a P2P market, which is not custodial in nature. It is reminiscent of local.bitcoin.com, which lets users from around the globe purchase BCH. Michael spoke about the history of his website, his business model and upcoming developments.

Bitcoin is presently occupied in the red zone. The price dipped at a rate of 4.98%, which brought BTC all the way down to $9624.44. The trading volume recorded is $18.429 billion, while the supply has 17,902,837 BTC coins in play. As of this moment, the total market cap of Bitcoin is $172.304 billion, which indicates a sharp decline from $200 billion [which was the reported value a month ago].

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.