Ethereum ETH/USD traded 6.96% lower at $1,970.96 over 24 hours. The Vitalik Buterin co-founded cryptocurrency was in the red 25.32% in a seven-day trailing period.
What Happened: ETH followed the broader trend into a decline as the overall cryptocurrency market capitalization fell 6.27% to $1.33 trillion over 24 hours.
See Also: How To Buy Ethereum (ETH)
The market capitalization of ETH stood at $229.48 billion at press time, a decline of 6.99% over 24 hours. Trading volumes rose 61.56% to $36.70 billion.
ETH is down 54.8% since it touched an all-time high of $4,362.35 last month.
Why It Matters: The latest cryptocurrency rout has been precipitated by a crackdown in China after the country’s central bank instructed financial institutions to stop providing trading, clearing, and settlement for cryptocurrency transactions.
Meanwhile, Barry Silbert-led Digital Currency Group, which owns Grayscale Investments announced plans to purchase $50 million worth of shares of Grayscale Ethereum Classic Trust ETCG.
ETC is often viewed as a rival to ETH and the DCG move could be fueling the bearish sentiments further.
Photo by Zoltan Tasi on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.