The world’s utility crypto, Ethereum, was trading at $1,092 as at press time, dropping as much as 20.07% on the day. It was Ethereum’s biggest one-day percentage loss since March 12, 2020.
The bearish move pushed Ether’s market value down to $131 billion, or 13.37% of the total cryptocurrency market value. At its highest price, the crypto-asset’s market value was $147 billion.
- Ethereum’s price had been ranging between $1,091.97 and $1,257.30 for the day.
- In the past one week, Ethereum’s value had rallied by 17.86%. The volume of the utility crypto traded for the day to press time stood at $39.4 billion or 21.54% of the total volume of the crypto market.
Ether bears have taken a stronghold on the second most valuable crypto by market value, amid impressive gains recorded in 2021, not forgetting that Ethereum is still up by 40% this year.
What you should know
Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications with, in a decentralized manner, while all states and data are distributed and publicly accessible.
- The native currency that flows within the Ethereum economy is called Ether (ETH), which is typically used to pay for transaction fees and also the base currency of the network.
- On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.