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Bitcoin is, without a doubt, the most prominent and influential of all existing digital assets. However, among altcoins, Ethereum has traditionally been the top one, despite occasional competition from Ripple (XRP) and other cryptocurrencies.
BTC’s price, market share, and dominance factor have all been trending up in the last couple of months. However, it appears that everything has come at the expense of other notable digital assets, with ETH being among them.
Unfortunately for Ethereum holders, the cryptocurrency is currently experiencing a bearish market.
It Lost 7.5 Percent in the Last 24 Hours
Regarding its value, there isn’t good news for ETH holders: the top altcoin shed 7.5 percent of its price in the last 24 hours, a development that continues a full week of losses after it went up to $240 at some point in the last few days.
On Thursday, ETH was exchanging hands at roughly $225, but at the moment of writing this piece, the most influential altcoin fell below the $210 mark. Ethereum continues to dangerously flirt with the dreaded $200 barrier that has caused fear and uncertainty in the past.
All things considered, it has not been a strong quarter for Ethereum by any means. Its dominance is the lowest in the last two and half years, and except for EOS (another heavily battered crypto asset), it is the altcoin with the worst performance of those in the top twenty.
Since Ethereum swiftly rose to a yearly high of $350 in the month of June, it has been trending down and has shed a whopping 40 percent of its price to reach the figure it currently shows. For comparison’s sake, Bitcoin has lost just 15 percent from its annual high.
Because of that performance, investors and holders have been losing faith in the asset, and that’s why Ethereum’s market share is, currently at a 30 month low of just 7.63 percent per Tradingview data.
ETH 10d close-to-close (00:00 UTC) realized vol touching its lowest point in 4 months 💤 pic.twitter.com/ZvDnkabDlI
— skew (@skew_markets) August 8, 2019
Another notable cryptocurrency data provider, CoinMarketcap.com, notes that ETH’s market share hasn’t touched these levels since February 2017, even before BTC and altcoins’ price surge at the end of that year and also pre-ICO revolution.
Ethereum’s current reality is very far away from its best days: in June 2017, it had a market share of 33 percent while Bitcoin was hovering around 40 percent.
ETH’s current market share is currently a hair above $22 billion, but it is dangerously inching closer towards $20 billion, and investors are emptying their ETH wallet.