Ethereum’s price has been stable throughout the week but other factors are concerning the market and casting doubt on performance.
- World’s first educational blockchain chooses rival blockchain for its launch
- Ethereum continues to lose market dominance
- Trade in Ethereum stays subdued showing laxed market interest
The world’s first educational blockchain has decided not to use the Ethereum blockchain. The impact of this may not hurt the price of Ethereum (ETH) immediately, but the reasons why could cause some concern. Citing various technical issues which are not easily or quickly resolved, Tutellus will be using a rival blockchain instead.
ETH has lost almost 1% in market dominance this week, according to information released by CoinMarketCap. ETH has lost total cryptocurrency market dominance consistently through the last month, as noted in previous weeklies. This is interesting in a week where the price of ETH has virtually gone sideways. This could suggest that the market is making moves on ETH which could be lagging behind.
Trading volume in ETH is petering out compared to the previous three months. This could be a good thing to reduce network tension and drag down transaction fees further. It could also indicate that there is less demand for ETH in an overheated market.
ETH began the week promisingly at US$834.41 and shortly after hit its weekly low of US$829.19. Despite seemingly wild price volatility, the swings in price were relatively contained.
ETH reached the week’s high on 27 February at US$895.59. The high was not sustained long and dropped sharply to US$853.38, before rising just as sharply again to US$880.30.
Another drop in price was on the cards for ETH as the week was drawing to a close hitting US$840.28. As at the time of writing, ETH had weathered the week well and was sitting at US$859.69
While price volatility has not been too excessive for ETH, market cap has shown sizeable risk. Starting the week at US$81.6 billion ETH gathered pace quickly peaking at US$87.6 billion.
The week’s low happened just as the trading week was coming to a conclusion. At US$82.3 billion ETH market experienced a week-on-week decline in value of 6.05%
24-hour trade volume
24-hour trading volume in ETH began the week at a solid US$1.6 billion and traded consistently across the week.
In line with the week’s price peak ETH trading volume reached US$2.2 billion and tapered off in an orderly way after that. Two days after the US$2.2 billion peak ETH trading volume was at US$1.88 billion. Another two days later and it had dropped slightly more the US$1.8 billion.
As at the time of writing ETH trading volume was sitting at US$1.62 billion.
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.