The worsening condition of the crypto market has seeped through Ethereum. The market cap of Ethereum was purged by more than $100 billion last month. Ethereum was trading at $1,809.49, down -6.9% Wednesday, chart by Coingecko shows. The bearish market stance is getting more consistent as Ethereum appears to settle at its comfort zone and trade below $4,000 this year. Being second in line to the top crypto Bitcoin, Ethereum remains unassailable, with it maintaining its ranking as the second-biggest cryptocurrency in terms of market cap. ETH closed May with a market cap of more than $235 billion. The price action revealed a staggering 31% plunge compared to its market value on an opening day. May 1 gave ETH that hint of hope when its trading volume hovered over $15.33 billion with a whopping market cap of $341.05 billion. Suggested Reading | Axie Infinity Revenue Continues To Collapse – Here’s Why ETH Price On A Downward Trend Investor confidence waned in 2022, which propelled a massive sell-off of crypto assets. The panic worsened from May 9 to 13 because of Ethereum’s market cap drop. The negative market sentiment was brought about by the dwindling economic situation, inflation, Russia’s invasion of Ukraine, and increase in interest rates. ETH transactions in May reached over 16,950 at $1,947. This was followed by a humongous transaction amounting to 12.25 million ETH or equivalent to roughly $23.86 billion. ETH opened at...
