Ethereum Dips Below 293.84 Level, Down 13.57%

Ethereum experienced a significant decline on Wednesday, dropping below the $293.84 mark. By 11:52 (15:52 GMT), the cryptocurrency was trading at $293.84, reflecting a 13.57% decrease for the day, marking its largest single-day percentage loss since April 12.

This downward trend decreased Ethereum’s market capitalization to $29.95 billion, accounting for 14.31% of the total cryptocurrency market cap. At its peak, Ethereum’s market cap reached $135.58 billion.

Over the prior 24 hours, Ethereum traded within a range of $277.91 to $295.58. In the past week, it has witnessed a substantial decrease in value, losing 18.9%. The trading volume for Ethereum in the 24 hours leading up to this report stood at $1.87 billion, which is 13.94% of the total volume across all cryptocurrencies. In the last week, Ethereum’s trading range has varied from $250.84 to $369.74.

Currently, Ethereum’s price reflects a 79.35% decline from its all-time high of $1,423.20, achieved on January 13.

In other cryptocurrency news, another digital asset was last seen trading at $6,454.4, with a daily increase of 6.59%. Additionally, another cryptocurrency was trading at $0.29375, marking a gain of 12.09%.

Bitcoin’s market capitalization was reported at $111.55 billion, representing 53.29% of the total cryptocurrency market cap, while Ripple’s market cap reached $11.64 billion, accounting for 5.56% of the overall cryptocurrency market value.