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Ethereum Hits 41-Month Low Against Bitcoin Amidst Significant Sell-offs

Nnaemeka OkwarabyNnaemeka Okwara
September 17, 2024
in Business & Finance
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Ethereum Hits 41-Month Low Against Bitcoin Amidst Significant Sell-offs
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Ethereum collapsed to its lowest price against Bitcoin in forty-one months, representing a striking development within the cryptocurrency market. As per the latest reports, Ethereum has traded below $1,600, a greater than 52% decline from its all-time high of $4,878 recorded in November 2021.

This year, especially, cryptocurrencies have fallen, impacting Ethereum, which has lost 24% year-to-date and 35% from its year-to-date peak. Currently, prices are around $2,312 for Ethereum, showing a significant reduction compared to previous prices.

Ethereum has also been challenged by the performance of other top assets, such as Solana, Binance Coin, and Tron (TRX), losing 52% against these respective assets. Records show it lost 0.88% against the BNB asset.

The dramatic drop in price could be caused by various factors. Selling pressures were evident across the cryptocurrency market, with Ethereum Exchange-Traded Funds (ETFs) greatly underperforming. This resulted in a net outflow worth $581 million from them, unlike Bitcoin ETFs, which held more than $54 billion in assets with an average annual inflow of about $18 billion.

Recent trading activity has raised eyebrows, especially after prominent individuals within the community sold off significant amounts.

Tags: BitcoinEthereumEthereum Hits 41-Month Low Against Bitcoin Amidst Significant Sell-offsfederal characterFinanceNews
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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