Ethereum (ETH) declined by over 7% throughout the last 24 hours, while the entire cryptocurrency market decreased by over 4%. This drop is attributed to investors evaluating the consequences of Mt. Gox’s recent transactions and broader economic events.
At the time of writing, the value of Ether was around $3,185, reflecting a decrease of 7.9% in the past 24 hours. At the time of writing, the value of Bitcoin had decreased by 2.56% and is currently trading at $64,161.
Justin d’Anethan, the head of APAC business development at Keyrock, a market maker in the crypto industry, stated to The Block that the significant decline is not only predictable but anticipated.
He stated that numerous speculators are closing their trades as a result of the excitement generated by the spot ETF applications, as well as the acceptance and subsequent trading, which has led to a significant increase in activity where individuals are essentially attempting to anticipate the event.
According to crypto analysts, the price change seems to be a regular occurrence known as a “sell-the-news” event, which is frequently observed in the crypto market.
On the other hand, Solana (SOL), the ‘Ethereum killer’, remained very strong. Solana has even surpassed Ethereum and BNB Chain in decentralized exchange (DEX) volume, representing over 37% of total DEX traffic. According to data, this surge in value is attributed to growing confidence in the Solana network, as its total value locked (TVL) has surpassed levels seen before the 2022 bearish market.
