Ethereum

Cryptocurrency

2024

United

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 <p class="paragraph">Despite gathering significant momentum in the final quarter of 2023, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> entered the New Year with a bit of a limp.&nbsp;</p>
 <p class="paragraph">On the one hand, the world’s major cryptocurrencies have, as a rule of thumb, remained close to their December highs – and significantly above the prices seen throughout the bulk of the “crypto winter.”</p>
 <p class="paragraph">On the other hand, the first weeks of 2024 were marked by price corrections, sudden drops, and significant volatility.</p>
 <p class="paragraph">A major event and the focal point for much of the conversation has been the approval of the first spot Bitcoin exchange-traded funds (ETFs) in the United States.&nbsp;</p>
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 <p class="paragraph">The approval, coming after a period of uncertainty and even a false message that was sent out after the SEC’s X account was compromised, initially sent Bitcoin price surging and after the official approval it briefly retested $49,000.</p>
 <p class="paragraph">The world’s foremost <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency, however, quickly corrected and, by press time, stands at $42,882 – meaning it had declined 2.92% since the start of the year.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/rocW3_MXGPDP8JHqRUcgmUSRftFL9JwZn8MRex-ZGpTgjBfNXYzrYpFIAeSqWknqkPirzxN9AtgFs1CSqgyn_OyNJXKLmwqak6MorVrLQjs9t6FlnmehDdWTXhpaj4_ZHI6gi0tycdP7vDrEhbpRaXw" alt>
  <figcaption class="wp-element-caption">
   BTC YTD price chart. Source: Finbold
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 <h2 class="wp-block-heading" id="h-crypto-market-cap-falls-on-btc-etf-approval">Crypto market cap falls on BTC ETF approval</h2>
 <p class="paragraph">Multiple other cryptocurrencies – including XRP, Solana (SOL), and Polygon (MATIC) – followed a similar pattern, seeing a brief yet significant surge near January 10 – the ETF approval day – before noticeably retracing.</p>
 <p class="paragraph">The total market cap of all cryptocurrencies fell by more than $100 billion in less than a week from its current yearly high of $1.86 trillion, reached on January 10, to $1.75 trillion on January 16.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/6KRbfK33FelqoQFoeEnrqsZ8dVD2e8ue9NXZ44HMGdGEiKZf3X_LcBVYFVAEhZNBLXyuhfq4pktP75vTMWVdCaB3D8Ewx533EYbjVqvwCupmp1FqKapVveYGu6zokSy2CGug_GmwdVuXAEJCIEBB5Po" alt>
  <figcaption class="wp-element-caption">
   Crypto market cap 7-day chart. Source: CoinGecko
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 <p class="paragraph">Out of the total figure for the period, Bitcoin alone accounted for more than $60 billion – though its decline from the current 2024 peak market cap of almost $958 billion achieved on January 11 is even more staggering and amounts to $110 billion at the time of publication.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/rZJu7DIekHFp7GtYwh7IZqliv6WB-hH-isFfv1L9DK0R8rxleFCCFzehWpywj9Q0NFI5d9pKJzA_XtoP-yz1CbBw_yWJTDqub1DnmFKBOsXM6HTAU5PH-GWMcfFfpAmEBJpvAwPQD4AFq6eELvaBZMk" alt>
  <figcaption class="wp-element-caption">
   BTC market cap 7-day chart. Source: CoinGecko
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 </figure>
 <h2 class="wp-block-heading" id="h-ethereum-moves-against-the-grain">Ethereum moves against the grain</h2>
 <p class="paragraph">While still following the rough pattern observable in the crypto market – a significant rally near January 10 and a subsequent decline – Ethereum (ETH) has, in several ways, risen above most other major cryptocurrencies in 2024.</p>
 <p class="paragraph">Overall, it remains in the green for the year, having surged by 7.42% since January 1 to the price of $2,540.58 at the time of publication.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/qjRRY3J4q2ED94amgzpHUW3yjp0ZK5N2HlfcLS8Zkau0yDg07ezPu-1bKapvzZJ6JH8CVmPF4TQ-Wrpe-t9N4CjnmLr8z03xyC8vBPz6iKGLtn390kYJvseJ2-TZYsS69mpR1bwdahPEDT92xSF3nCI" alt>
  <figcaption class="wp-element-caption">
   ETH YTD price chart. Source: Finbold
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 <p class="paragraph">Similarly, while its market cap on January 16 is $18 billion below the current 2024 high, it remains, at $305 billion, significantly above the $277 billion it stood close to on New Year’s Day.</p>
 <p class="paragraph">Partially due to its leading position among smart contract platforms and partially due to pending technical upgrades such as “proto-danksharding” – an upgrade that will significantly lower transaction costs while improving throughput – a strong air of optimism prevails in the Ethereum community.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/_WWv7Q4ior6_RNZpdF5TdKUq8BkDVqFdGgkZK8psh6o1GYM71c_jOZHRJMiUy7Dj2ecxynU6Z3CDROlwu9xIQruzO57_yfwQwf2vl4dw3fFk2mH-DEwUjkLyv65XAozdWXgFYxW_dEKO-R-5QBdHihw" alt>
  <figcaption class="wp-element-caption">
   ETH technical analysis recommendations. Source: TradingView
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 </figure>
 <p class="paragraph">Technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> only reinforces such a view on Ethereum as a summary of 1-month gauges retrieved from <em>TradingView </em>ranks the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency as a “strong buy” overall. 1-week and 1-day gauges paint a similar picture as they also position ETH as either a “buy” or a “strong buy.”</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/100-billion-wiped-from-the-crypto-market-in-under-a-week-tbt76730.html">https://thebittimes.com/100-billion-wiped-from-the-crypto-market-in-under-a-week-tbt76730.html</a></p>

$100 billion wiped from the crypto market in under a week

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