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Ethereum Price Fell 43% Yesterday — That Was Its Worst Day… Ever

Avatar Nick Chong 3 months ago

It’s no secret that cryptocurrencies are performing horribly. Over the past week, Bitcoin, Ethereum, and the rest of them have been trading dramatically lower, falling as traditional markets enter a bear market.

On Thursday, the price of leading cryptocurrency BTC fell off a cliff, falling from the day high of $7,700 to as low as $4,400 in dramatic fashion. Surprisingly enough, this wasn’t the asset’s worst day in history.

Related Reading: Analyst Who Predicted Bitcoin’s $3,000 Bottom & More Thinks This Is Next

Ethereum, on the other hand, saw its worse day ever, crushed as the market recentralizes around BTC.

Ethereum Falls Off a Cliff

According to data from Nic Carter, a Bitcoin/industry startup investor and the co-founder of CoinMetrics, yesterday was Ethereum’s worst day in history; while BTC closed down 40%, the second-largest cryptocurrency lost 43% on the day, clearly marking its worst performance ever.

The last time it dropped even remotely close to this hard was amid 2017’s tumultuous uptrend, which was marked by large bouts of volatility due to global news and technical developments regarding cryptocurrencies.

Ethereum’s dramatic crash has had some serious effects on users of the ecosystem, not just investors.

As a result of Thursday’s volatility, the decentralized finance ecosystem, namely MakerDAO, has been subject to a number of issues. Namely, due to the collateral system that exists with MakerDAO loans, dozens of millions worth of loans have been liquidated, resulting in a dramatic shift in how the DeFi ecosystem operates.

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Nick Chong

Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering...

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