Today’s Bitcoin and altcoin news and rumors suggest that Ethereum (ETH) is one of the most vulnerable coins – even despite its latest reversal and the Istanbul hard fork. It looks like fortunes of Ethereum are dumped on the markets and Ethereum sinking is the reality we are seeing now.
The data shows that almost 205,000 Ether (ETH) has hit the popular trading venues within the last 24 hours – right in the wake of the holidays. Some analysts were quick to point their fingers to traders who are “winding down for the holidays.” Still, the trading volumes slumping over the holiday season show a sudden influx of selling pressure which is likely to sink the market further.
As it stands, the Ethereum sinking shows that the second most popular cryptocurrency and the biggest altcoin out there is already trading at levels which are not seen since the start of the mid-2019 bull run.
The big question is – will ETH sink lower and will traders move more of Ether to exchanges soon?
We could not say anything for certain. However, some ETH holders are not letting the holiday season get in the way of them ditching their investments in the second largest cryptocurrency out there. One Twitter market analyst named ViewBase showed that Ethereum sinking is a result of the large volumes of ETH dumped on the leading exchanges.
Looks like someone is prepare to assault the market when liquidity are at its thinnest. https://t.co/clELWPWfl1
— Arthur (@Arthur_0x) December 25, 2019
With a clear illustration of what is happening, the sudden influx of deposits in the ETH news and the selling accompanying them will likely have a more pronounced impact than usual on the prices of Ethereum and its native crypto asset, Ether (ETH).
While most of the traders are now enjoying breaks from the charts over the festive period, the Ethereum sinking starts to worry other investors and makes them wonder if the dump is going to continue.
Besides Ether (ETH) which is now at $125, the other news show that Bitcoin (BTC) is stable above $7,200 right now and most of the other coins in the top 10 are with slight decreases on the day. The total market capitalization is now at $189 billion and the dominance that Bitcoin has compared to the altcoins is at 68.9%.
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