Ethereum [ETH] feels the brunt of the bear; falls by 4%

The markets opened today to most cryptocurrencies seeing red after a couple of bullish days. None of the popular cryptocurrencies were spared from the bear’s wrath which was made evident after statistics showed that the combined fall of the top 5 cryptocurrencies was more than the remaining coins in the top 10 cryptocurrency club. Cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH] and XRP showed rapid slides which were a stark contrast to last week.

At the time of writing, Ethereum [ETH] was going down at the rate of 4.63% with a total market cap of $22.379 billion. The cryptocurrency was trading at $219.69 with a 24-hour market volume of $1.701 billion.

Most of Ethereum’s trade volume was held by BitForex with a total majority of 6.98%. The total volume on the cryptocurrency exchange amounted to $143.99 million which was closely followed by DOBI trade’s $104.09 million.

Ethereum's 7-day graph | Source: CoinMarketCap

Ethereum’s 7-day graph | Source: CoinMarketCap

Ethereum has also created a bigger disparity with XRP in terms of market cap. The current difference between Ethereum and XRP is $1.67 billion.

Ethereum was also in the news recently when the Enterprise Ethereum Alliance [EEA] announced its partnership with Hyperledger, a collaboration that is aimed to advance cross-border blockchain technologies. Ron Resnick, the Executive Director of EEA stated:

“Collaborating through mutual associate membership provides more opportunities for both organizations to work more closely together. In addition, Hyperledger developers who join the EEA can participate in EEA Certification to ensure solution compliance for projects related to the Enterprise Ethereum Client Specification.”

Bitmex’s research reports also put Ethereum in the limelight when it was revealed that the ICOs have already sold as many tokens they had raised in the beginning paired with United States dollars.

BitMEX on its Twitter stated:

“Filecoin has the largest net gain, resulting from Ethereum which may have already been sold”

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