Ethereum, the world’s second-most valuable digital currency, saw immense volatility near the price level of $2,000. After spending approximately 2 weeks above $2,000, ETH touched a low of $1,850 on Wednesday 14 July.
According to the latest data posted by Coinmarketcap, Ethereum dropped by nearly 2% in the last 24 hours. The cryptocurrency is currently trading above $1,900 with a market cap of more than $220 billion. ETH’s crypto market dominance took a major hit in recent days. Currently, Ethereum accounts for approximately 17% of the total crypto market cap.
Ethereum is down by nearly 10% in the last seven days. Since 15 June 2021, the world’s second-largest cryptocurrency has lost 20% of its value. Despite the latest correction, institutional interest in Ethereum has not vanished completely. According to the latest digital asset fund flows report published by CoinShares, ETH-related investment products saw approximately $1 million worth of inflows last week, compared to $7 million worth of outflows from Bitcoin investment products.
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Additionally, Ethereum whale activity jumped substantially in the last few days. Earlier this week, a leading ETH wallet transferred 40,000 coins worth over $80 million from cryptocurrency exchange Gemini to a digital wallet.
ETH mining industry struggled in the last few weeks due to the latest crackdown by China on the regional crypto miners. However, ETH miners saw a recovery recently as mining balances increased steadily. “Miner balances for Ethereum have been rising steadily for the past month or so. After miners held a staggering 163.3K ETH back on March 26th, it dipped to as low as 94.2K on June 6th. Now, balances are on the road to recovery back to 112k,” blockchain analysis firm, Santiment mentioned on Twitter.
ETH community has increased support for the upcoming network upgrade of Ethereum (ETH 2.0). According to the latest data published on Etherscan, the deposit contract of ETH 2.0 now has around 6.3 million ETH with a total value of more than $12.3 billion.