Ethereum, Solana Are Falling Fast As Crypto Market Sees Red

Following the fall of the general crypto market Ethereum (ETH), Solana (SOL), and gaming tokens are falling fast

Ethereum, Solana Are Falling Fast As Crypto Market Sees Red
Ethereum, Solana Are Falling Fast As Crypto Market Sees Red

Following this month’s larger meltdown, the crypto market is still reeling, with leading coins trading at levels not seen in over a year.

The general market is down 4% today, as coins such as Ethereum (ETH) and Solana (SOL) have seen big drops, as well as gaming and metaverse tokens.

Ethereum (ETH) Price Analysis

According to CoinMarketCap data, Ethereum has declined 7% in the last 24 hours and is presently trading at $1,749. Over the last day, it has dropped even lower to $1,727, a low not seen since March 2021.

Early last year, Ethereum’s price was rising and establishing new all-time highs, which was a very different situation than it is now.

Ethereum has lost 37% of its value in the previous 30 days and is now down 64% from its all-time high of $4,892 in November.

This week, Ethereum experienced technical difficulties as a result of a major blockchain “reorganization” process on the Beacon chain, which will aid Ethereum’s move to a more energy-efficient paradigm via the upcoming “Merge.”

Concerns over the migration may have influenced Ethereum’s price movement, which resulted in roughly $157 million in liquidations.

Solana (SOL) Falls Downward

Another popular currency on the slide today is the Solana, which has been down 9% in the last 24 hours to a current price of $42. It hit a low of $40 earlier today, the lowest point for SOL since it soared in value during a bull market in August.

Solana, like Ethereum, has hit a technical snag this week. Due to longer-than-normal block durations, the network’s clock was off by about 30 minutes overnight, according to the network.

Raj Gokal, a co-founder of Solana Labs, stated that the time difference was typical and “never truly affected anything,” and that editorial coverage of the problem was “going into tabloid territory.”

Leading Solana NFT marketplace Magic Eden, on the other hand, announced yesterday that the clock slippage had harmed a new NFT mint on its platform.

ADA, Gaming Tokens Are Falling Fast

Cardano (ADA), which is down 7% to $0.46, and Avalanche (AVAX), which is down 9% to under $23, are two other significant cryptocurrencies in the top 20 by total market size that are suffering today.

Meanwhile, gaming and metaverse tokens have plummeted in value over the last day, following the lead of “move-to-earn” game STEPN, which had its tokens plummet in value after the Solana-based game stated that Chinese users will be blocked due to laws.

ApeCoin, the Ethereum-based currency of the Bored Ape Yacht Club ecosystem and the future Otherside metaverse game, has dropped 11% in the last 24 hours to a price above $6.

Axie Infinity’s AXS token has dropped 9% to around $18.40, Gala Games (GALA) has down 8% to $0.07, and Decentraland has dropped 8% to $0.95.