Ethereum Drops Over 10% in a Single Day, Hits Lowest Levels in Weeks

Ethereum’s losses mirrored broader declines in the cryptocurrency market. Bitcoin (BTC), the leading digital asset, fell 4.66% on Sunday, trading at $97,250.1

Ethereum (ETH) experienced a sharp decline on Sunday, tumbling 10.07% to $2,933.47 by 13:41 (18:41 GMT) on the Investing.com Index. This marked the largest single-day percentage drop since August 5, 2024, raising concerns among investors amid broader market volatility. The sharp decline in Ethereum's price led to a significant contraction in its market capitalization, which fell to $354.13 billion, representing 18.59% of the total cryptocurrency market. Ethereum’s market cap previously peaked at $569.58 billion, making this downturn a notable correction. In the past 24 hours, Ethereum fluctuated between $2,932.96 and $3,163.03, reflecting heightened price instability. Over the past week, Ethereum has seen a cumulative decline of 12%, continuing its downward trend. Trading volume for the 24-hour period reached $32.48 billion, accounting for 13.64% of the total cryptocurrency market volume. The second-largest cryptocurrency remains well below its all-time high of $4,864.06, which was set on November 10, 2021. At its current valuation, Ethereum is down 39.69% from its peak, underscoring the ongoing challenges within the digital asset space.

Ethereum’s losses mirrored broader declines in the cryptocurrency market. Bitcoin (BTC), the leading digital asset, fell 4.66% on Sunday, trading at $97,250.1. Bitcoin’s market capitalization stood at a dominant $1,925.72 billion, representing 101.09% of the total cryptocurrency market cap, a rare figure likely reflecting discrepancies in market calculations due to sharp fluctuations. Meanwhile, XRP suffered even steeper losses, plunging 14.82% to $2.5494. XRP’s market capitalization dropped to $148.93 billion, or 7.82% of the total crypto market.

The recent downturn comes amid heightened macroeconomic uncertainty, regulatory pressures, and concerns about liquidity in the digital asset market. Analysts suggest that Ethereum's ability to reclaim the $3,000 level in the coming days could serve as a crucial indicator for market stability. Investors are now closely watching developments in the crypto space, particularly regulatory moves and institutional interest, to gauge the next potential trend for Ethereum and other major digital assets.