Ethereum (ETH) has exhibited a relatively low price performance compared to other high market cap cryptocurrencies, including the leading cryptocurrency (BTC), this week. ETH, which surpassed $2,000 last week, has lost over 5% in the past week, dropping below $1,900 and trading at around $1,890. Santiment, a cryptocurrency analysis platform, shared current data and metrics evaluating the current price performance of ETH.
ETH Falls Below $1,900
Bitcoin (BTC), the leading cryptocurrency, experienced a downward momentum and fell below $30,000, losing over 4.5% in the past week and trading at around $29,700. According to CoinMarketCap data, the total market cap of the crypto industry has decreased to $1.2 trillion. However, despite the downward trend in the cryptocurrency market, Chainlink), Stellar (XLM), and XRP recorded significant increases in value, differentiating themselves positively from the market.
On the other hand, Ethereum (ETH) exhibited a relatively low price performance compared to most high market cap cryptocurrencies during this period. Although it surpassed $2,000 levels last week, ETH has recently accelerated its losses and dropped below $1,900.
Calm Before the Storm in Ethereum
ETH, which has lost over 5% in the past week according to CoinMarketCap (CMC) data, dropped below $1,900 and started trading at around $1,890. As the loss in value in ETH accelerated, Santiment, a cryptocurrency analysis platform, evaluated the current situation in Ethereum and shared current data and metrics.
Santiment, evaluating the recent situation in ETH through a new blog post, claimed that while LINK and XRP have been making headlines with significant increases in value in recent times, ETH has exhibited a relatively low price performance during this period. However, Santiment argued that the current metrics paint a positive picture for ETH.
Santiment stated that the current data and metrics indicate that ETH may surpass $2,000 levels again in August and pointed out critical metrics. According to Santiment, the decrease in ETH supply on cryptocurrency exchanges indicates a low possibility of large-scale ETH sales in the near future.
Disclaimer: This article does not contain investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their own research when making transactions.
