An increasing Bitcoin price is often pretty bad news for altcoins. Even the top alternative currencies are struggling right now while Bitcoin keeps marching on. The Ethereum price, which was above $300 not too long ago, is now starting to slip pretty badly. With losses in both USD and BTC value, things aren’t looking all that great. Regaining the $300 support will be incredibly challenging.
Ethereum Price is Slipping Quickly
No one is surprised to see most alternative cryptocurrencies lose value against Bitcoin right now. After all, that is the normal outcome whenever the Bitcoin price is surging. Especially with Bitcoin’s new all-time high in place as we speak, the Ethereum price is taking a bit of a beating as we speak. Although the value still hovers near $296 for the time being, it remains to be seen if this price point can be maintained for much longer. Altcoins are literally bleeding value left, right, and center right now.
This also means the Ethereum price is losing steam in both the USD and BTC markets at the same time. Earlier this week, one Ether was worth over $345, but it quickly lost $50 over the past few days. The lowest point for this week was $291.59, which was reached before the Bitcoin price started moving up so spectacularly. At this rate, it is expected the Ethereum price will head well below this level and may even hit $285 or slightly less in the coming hours.
Whether or not things will ever hit that level, remains to be seen. No one can deny the Ethereum price has lost almost 3$ in USD value over the past 24 hours, but things will not end there by the look of things. The bigger concern is how the Ethereum price has lost over 10% in value against Bitcoin itself. While declines against Bitcoin are not uncommon in the world of altcoins these days, 10% is quite a spectacular drop for the world’s second largest cryptocurrency.
Additionally, the Ethereum trading volume isn’t looking all that hot either right now. With $442.5m worth of trading volume, Ethereum isn’t doing bad, but it’s not great either. This means the world’s second-largest cryptocurrency by market cap has one-sixth of Bitcoin’s trading volume right now. This would certainly explain by the Bitcoin Dominance Index is back at nearly 60%, compared to 43% not too long ago.
Not surprisingly, Poloniex is the largest exchange by trading volume for Ethereum right now. They are followed by Bitfinex and GDAX in this regard. With the ETH/BTC market being the largest in the world right now, it is evident there are plenty of people selling Ethereum in favor of Bitcoin. This course of action is set to reverse sooner or later, though, as most people know it is impossible to keep the Ethereum price below $300 for very long.
The bigger question is how long this momentum will last overall. Right now, it is evident Bitcoin is far form done, as a new all-time high is being set virtually every few hours. At the same time, the Ethereum price continues to go down accordingly, especially in BTC value. Cryptocurrency markets are never dull, although a lot of people would have liked to see things head in the other direction for the Ethereum price as we speak. An interesting future looms ahead, although most altcoins will continue to bleed for some time to come.