In the last week, the global crypto market cap has decreased by $369 billion. Among the top ten cryptocurrencies, Ethereum has taken the largest fall in the last week. However, what conspired against ETH as it plummeted to new lows on June 15?
The bear market has suggested a moment to use stop-gap measures and “wait and watch” for most cryptos. During current negative conditions, however, certain prominent cryptos have taken a beating. In the middle of the market sell-off, ETH has taken the brunt of the losses among the top ten cryptocurrencies in the last week.
Ethereum has had a particularly difficult time in the last two weeks. The coin saw a large volume of liquidation across the market. The altcoin has been impacted by speculations of Three Arrows Capital’s collapse, as well as the Beacon Chain’s block restructuring.
However, on Twitter, a prominent crypto analyst known as ‘Onchain Wizard’ reported that 3AC had seen yet another massive liquidation.
Furthermore, ETH may drop further following the FOMC meeting, as the Federal Reserve is expected to boost interest rates by 75 basis points.
The price of Ethereum is currently at a 17-month low. It’s down about 80% from the token’s all-time high of $4,891 in November 2021. However, the measures point to additional declines for the market’s top altcoin.
According to the most recent Glassnode updates, Ethereum data indicates that investors are suffering enormous losses.
In fact, the number of addresses that have been lost has reached an all-time high of 38,011,694 addresses. This demonstrates how much ETH has plummeted during the current bear market. Many investors appear to have been unable to recoup from the Terra crash prior to the recent price declines.
The NVT signal has declined considerably as on-chain transfer activity has outpaced market cap increase. After hitting a four-month low of 936.211, the signal is displaying again another big bearish mood.