By Nesir Muradov
On Jan 11, 2021
Ethereum follows Bitcoin and goes down during the day below $1000. The overall price drop affects the cryptocurrency market capitalization.
Ethereum is the second most used cryptocurrency with the highest second market capitalization. The price of Ethereum has been impressive from the beginning of the year. In a short time, ETH hit all-time high prices in 2 years period. Ethereum was going after the all-time high price of $1420, but something undesirable happened in the market, and the price began to fell sharply. ETH was a few steps away from $1420 with a margin of $70.
Ethereum hit $1351 yesterday morning, and since then, everything has happened so fast. Ethereum began to drop, and it ended up below $1000. During two days the price fall by $400. At the time of writing, the price of the Ethereum was $926, with a little recovery towards $1000.
The transaction fees for Ethereum spikes lately due to the high demand for the transactions. According to the Bitinfocharts, the average transaction fee was 16 USD per transaction on 4 January. The price increase can be the result of a recent price surge in the price of Ethereum. It was the record highest average fee for Ethereum. Yesterday, the transaction fee was around $7.52 for the transaction.
Year has begun with positive surprises for the cryptocurrency market. Cryptocurrencies have been displaying positive gains since late December. The total market capitalization passed $1 trillion in a short time. However, the latest price drop affected the total market capitalization negatively. Currently, the market cap is $876 billion. The main factors are negative trends in Bitcoin and Ethereum. If those cryptocurrencies begin to gain some value, then the market cap will increase too.
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