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The overall crypto market has been witnessing bearish trends lately, including the leading crypto assets Ethereum (ETH), Solana (SOL), etc being down by a considerable percentage.
At the time of writing, Ethereum is trading at a value of $1,903 with a market cap of $230,246,866,586 and is up by around 7% in the last twenty-four hours.
But if we talk about the last seven days, Ethereum’s value is down by approximately 7.6%.
Only last year, Ethereum’s price was seeing the sky and hitting new all-time highs, which is a whole distinct scenario we see now. Ethereum has dropped by around 37% of its value over the last 30 days and is now down by over 60% from its peak price of $4,892 which Ethereum hit last November.
And now that Ethereum’s vast network is bracing itself for its highly anticipated merge upgrade, seemingly it is witnessing some obstacles too. The Merge is focused on Ethereum’s (ETH) transition from the Proof-of-Work model to the Proof-of-Stake model.
But recently, the essential Beacon chain or the PoS chain of ETH saw a reorg problem, which might pose a potential security issue for the network. And this also acted as a major reason for Ethereum’s value slippage.
Ethereum (ETH) and Solana (SOL) have posted larger declines, along with gaming and metaverse tokens seeing considerable dips.
At the time of writing Solana (SOL) is trading at $46 with a market cap of $15,787,296,864. It is down significantly by around 13% in the last seven days.
Similar to the Ethereum network, Solana also witnessed its technical setback this week. The network highlighted that its clock was off by about half an hour because of longer-than-normal block times.
Apart from these two players, others like Avalanche (AVAX) and Cardano (ADA) also saw considerable downtrends. Significant gaming and metaverse tokens like ApeCoin, M2E token StepN, AXS, and GALA, have all been seeing not-so-positive moves lately.
Although it is uncertain whether the digital assets would rebound any sooner, the crypto pundits are constantly waiting for the market to attract bullish trends.
ALSO READ: Ethereum Co-founder Warns Solana Price Can Further Dip After $1 trillion Crypto Bloodbath.
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