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Ethereum Is In Freefall
Ethereum is under severe pressure, while Bitcoin is attempting to settle below $35,000 per coin.
As the crypto market continues to fall, Ethereum is attempting to settle below the $2,400 barrier.
Ethereum is losing market share to Bitcoin in the cryptocurrency space
Bitcoin has successfully settled below the psychologically significant $40,000 mark and is currently testing the $35,000 level. Other currencies have experienced worse losses, therefore Bitcoin Dominance, which measures Bitcoin’s market value as a percentage of overall crypto market capitalization, has risen to 42 percent.
According to recent events, the financial world regards Bitcoin as the “safest” cryptocurrency, while other cryptocurrencies, such as Ethereum, are seen as more speculative.
Since early November, when it reached highs above $4,850, Ethereum has lost more than half of its value. Interestingly, following Friday’s sell-off, S&P 500 futures are heading higher in premarket trade, indicating that there is some appetite for risk. However, because there is little demand for risk in the crypto markets, Ethereum is in free decline.
