- Bitcoin’s price has fallen below $39,000, dragging down the broader crypto market. Ethereum, Solana, and Avalanche have all seen double-digit percentage drops over the past week.
- Solana is down 16% over the past week, despite its strong gains starting in late October. Avalanche has plunged 19% this week, even after JPMorgan announced using its blockchain in November.
- Over a 1-year period, Solana is still up 239%, Avalanche up 64%, and Ethereum up 35%, despite the recent downturn. Long-term crypto holders still have reasons to remain optimistic.
The broader crypto market is sinking as Bitcoin’s price continues falling. Ethereum and Solana, once recent high-flyers, are getting hit especially hard this week.
Ethereum Falls Over 7% in 24 Hours
Ethereum has plunged over 7% in the last 24 hours to around $2,200. This extends its losses to 14% over the past week. Just last week, Ethereum nearly hit $2,700, its highest price since April 2022. There was excitement around Ethereum amid the launch of Bitcoin spot ETFs and talk of a potential Ethereum spot ETF. But Ethereum has since retreated from its highs.
Solana Gets Slammed with a 16% Weekly Drop
Solana has been slammed with a nearly 16% drop over the past 7 days. Its price currently sits around $8,250 after rebounding slightly from this morning’s lows. Solana was on a great run starting in late October, boosted by support from major companies and a growing developer base. Its price reached as high as $123 in December, nearing a two-year high. But Solana, like the rest of the market, has gotten caught up in Bitcoin’s slide.
Avalanche Down 19% This Week
Avalanche, the 11th largest cryptocurrency, has plunged 19% over the past week to around $29. It has recovered some losses from earlier today but remains down around 5% over the last 24 hours. Avalanche gained steam in November when JPMorgan announced it used Avalanche’s blockchain. But the recent market downturn has hit Avalanche hard.
Bitcoin Drags the Crypto Market Down
The broader crypto selloff follows Bitcoin’s lead. Bitcoin recently sank below $39,000 as investors redeem shares in the Grayscale Bitcoin Trust ETF. The selling pressure on Bitcoin has weighed on the entire crypto market. Still, over a 1-year period, Solana is up 239%, Avalanche up 64%, and Ethereum up 35%, despite the recent turbulence. Crypto’s long-term holders still have reasons for optimism.
