{"id":492555,"date":"2022-06-08T10:50:08","date_gmt":"2022-06-08T10:50:08","guid":{"rendered":"https:\/\/wncen.com\/?p=492555"},"modified":"2022-06-08T10:50:08","modified_gmt":"2022-06-08T10:50:08","slug":"ethereum-market-cap-cut-by-over-100-billion-last-month","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/","title":{"rendered":"Ethereum Market Cap Cut By Over $100 Billion Last Month"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month.<\/span><\/p>\n<p>Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows.<\/p>\n<p><span style=\"font-weight: 400\">The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion.<\/span><\/p>\n<p style=\"text-align: center\"><strong><em>Suggested Reading | <a href=\"https:\/\/wncen.com\/nft\/axie-infinity-revenue-continues-to-collapse-heres-why\/\">Axie Infinity Revenue Continues To Collapse \u2013 Here\u2019s Why<\/a><\/em><\/strong><\/p>\n<h2><b>ETH Price On A Downward Trend<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum\u2019s market cap drop.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia\u2019s invasion of Ukraine, and increase in interest rates.<\/span><\/p>\n<p><span style=\"font-weight: 400\">ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion.<\/span><\/p>\n<p><span style=\"font-weight: 400\">ETH opened at a price action of $2,072 and had a $1,748 intraday low. Trading volume registered at $42.46 billion, which signifies a market cap of $236.88 billion.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/XmQMndVC\/\" width=\"1824\" height=\"812\"><\/p>\n<pre style=\"text-align: center\">ETH total market cap at $218 billion on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<p><span style=\"font-weight: 400\">The figures show a collapse of 30% in ETH\u2019s opening day market value. And experts say the lowest point of ETH can extend to July 2021.<\/span><\/p>\n<h2><b>What Triggered ETH\u2019s Price Drop?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Ether has been down for the past few weeks. The following are the factors that could have attributed to its price drop:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ethereum is getting ready for its <\/span><i><span style=\"font-weight: 400\">Merge<\/span><\/i><span style=\"font-weight: 400\"> upgrade, wherein it will transform from PoW to PoS. However, developers see a security risk on its launch. Its PoS chain could get involved in a <\/span><i><span style=\"font-weight: 400\">reorg<\/span><\/i><span style=\"font-weight: 400\"> issue in which the PoS Chain could split two transactions into two versions as well.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Ethereum also suffered a reduction in user activity and demand, which could have aggravated its downward movement.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A lowered NFT interest and DeFi profitability resulted in a drop in trading volumes.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center\"><strong><em>Suggested Reading | <a href=\"https:\/\/wncen.com\/news\/btc-market-cap-shed-120-b-last-month\/\">Bitcoin Market Cap Shed Over $120-B Last Month \u2013 How Much More Can It Lose?<\/a><\/em><\/strong><\/p>\n<p><span style=\"font-weight: 400\">Ethereum advocates still continuously devour this digital asset despite the market remaining bearish.<\/span><\/p>\n<p><span style=\"font-weight: 400\">ETH\u2019s opening day on May 1 had its trading values at $2,730, which maneuvered to a monthly high of $2,957 come May 5. It tested on May 27 at a monthly low of $1,721 and then closed the month of May at $1,942.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The values ultimately show a reduction of 28% when comparing the values from the opening to the closing price of Ethereum in May.<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from Daily Express, chart from <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month. Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows. The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year. Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion. The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion. Suggested Reading | Axie Infinity Revenue Continues To Collapse \u2013 Here\u2019s Why ETH Price On A Downward Trend Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum\u2019s market cap drop. The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia\u2019s invasion of Ukraine, and increase in interest rates. ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion. ETH opened at a price action of $2,072 and had a $1,748 intraday low. Trading volume registered at $42.46 billion, which signifies a market cap of $236.88 billion. ETH total market cap at $218 billion on the daily chart | Source: TradingView.com The figures show a collapse of 30% in ETH\u2019s opening day market value. And experts say the lowest point of ETH can extend to July 2021. What Triggered ETH\u2019s Price Drop? Ether has been down for the past few weeks. The following are the factors that could have attributed to its price drop: Ethereum is getting ready for its Merge upgrade, wherein it will transform from PoW to PoS. However, developers see a security risk on its launch. Its PoS chain could get involved in a reorg issue in which the PoS Chain could split two transactions into two versions as well. Ethereum also suffered a reduction in user activity and demand, which could have aggravated its downward movement. A lowered NFT interest and DeFi profitability resulted in a drop in trading volumes. Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month \u2013 How Much More Can It Lose? Ethereum advocates still continuously devour this digital asset despite the market remaining bearish. ETH\u2019s opening day on May 1 had its trading values at $2,730, which maneuvered to a monthly high of $2,957 come May 5. It tested on May 27 at a monthly low of $1,721 and then closed the month of May at $1,942. The values ultimately show a reduction of 28% when comparing the values from the opening to the closing price of Ethereum in May. Featured image from Daily Express, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":492556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625],"tags":[8323,86134,1946,3477,3537],"class_list":["post-492555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","tag-eth","tag-eth-trading-value","tag-ethereum","tag-pos","tag-proof-of-stake"],"acf":[],"yoast_head":"\n<title>Ethereum Market Cap Cut By Over $100 Billion Last Month<\/title>\n<meta name=\"description\" content=\"The worsening condition of the crypto market has seeped through Ethereum. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. 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The market cap of Ethereum was purged by more than $100 billion last month.","og_url":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2022-06-08T10:50:08+00:00","og_image":[{"width":750,"height":445,"url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Ethereum-1.jpg","type":"image\/jpeg"}],"author":"Christian Encila","twitter_card":"summary_large_image","twitter_creator":"@newsbtc","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Christian Encila","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/"},"author":{"name":"Christian Encila","@id":"https:\/\/wncen.com\/#\/schema\/person\/a2d6e9b600c0ed5252bbfc4170c3dd80"},"headline":"Ethereum Market Cap Cut By Over $100 Billion Last Month","datePublished":"2022-06-08T10:50:08+00:00","dateModified":"2022-06-08T10:50:08+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/"},"wordCount":473,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Ethereum-1.jpg?fit=750%2C445","keywords":["ETH","ETH Trading Value","ethereum","pos","Proof of Stake"],"articleSection":["Cryptocurrency Market News","Ethereum"],"inLanguage":"en-US","copyrightYear":"2022","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/","url":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/","name":"Ethereum Market Cap Cut By Over $100 Billion Last Month","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Ethereum-1.jpg?fit=750%2C445","datePublished":"2022-06-08T10:50:08+00:00","dateModified":"2022-06-08T10:50:08+00:00","description":"The worsening condition of the crypto market has seeped through Ethereum. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Market Cap Cut By Over $100 Billion Last Month","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-market-cap-cut-by-over-100-billion-last-month\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Ethereum-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Ethereum-1.jpg?fit=750%2C445"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth trading value","ethereum","pos","proof of stake"],"dateCreated":"2022-06-08T10:50:08Z","datePublished":"2022-06-08T10:50:08Z","dateModified":"2022-06-08T10:50:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Market Cap Cut By Over $100 Billion Last Month\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-market-cap-cut-by-over-100-billion-last-month\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-market-cap-cut-by-over-100-billion-last-month\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Ethereum-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Ethereum-1.jpg?fit=750%2C445\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth trading value\",\"ethereum\",\"pos\",\"proof of stake\"],\"dateCreated\":\"2022-06-08T10:50:08Z\",\"datePublished\":\"2022-06-08T10:50:08Z\",\"dateModified\":\"2022-06-08T10:50:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Ethereum-1.jpg?fit=750%2C445","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492555"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=492555"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/492556"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=492555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=492555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=492555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}