Ethereum Sell-Off Inspired by Bitcoin, Inflation and High Transaction Fees

The market valuation of Ethereum (ETH) dipped below $2,000 today. This is the first time this popular cryptocurrency, with a, um, special place in the heart of PC enthusiasts, has dropped below this milestone value since July 2021.

(Image credit: CoinMarketCap)

On Monday as Bitcoin’s (BTC) price was collapsing. we noted that ETH usually shadows its bigger brother. This is indeed the case — BTC dropped below $26,500 for a short period earlier. Ethereum and Bitcoin were priced at $2,385 and $32,790, respectively, when we covered their prices on Monday. At the time of writing, ETH is down 12.5% in the last 24 hours, while BTC is down 4.1% in the same period.

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