Ethereum [ETH] stoops to support point as bear feasts on bleeding market

The wrath of the hungry bear has been pulling the market to mud over the past week, with many coins fighting for survival. The bear has not shown mercy on Ethereum [ETH], the third-largest cryptocurrency according to CoinMarketCap, as it saw a staggering bear run on Tuesday.

According to CoinMarketCap, the coin plunged 8.84% in the past 24 hours, and is trading at $103.77 at press time. The price of the coin went as low as $99, the support, during the nosedive, but rebounded immediately.

The coin’s market cap was $10.80 billion, with a $2.23 billion trading volume. In the past seven days, the coin has recorded a loss of 24%.

In terms of trading volume, the maximum trading volume was registered by Coinbit, a Korean cryptocurrency exchange, with the ETH/KRW trading pair. The second in the line is DOBI trade, with the ETH/BTC trading pair. Coinbit registered a 24-hour trade volume of $218 million, while DOBI registered a 24-hour trading volume of $117 million.

DOBI trade is followed by Right BTC, OKEx, and Bitfinex.

The fall comes at a time when Tron’s founder and Chief Executive Officer, Justin Sun, had suggested Ethereum developers migrate to Tron while providing them with four solid points as to why it is better than Vitalik Buterin’s Ethereum.

Sun stated that this will not cost the developers any transaction fee, along with zero migration cost. Sun also tried to attract developers by mentioning about 2,000 the transactions per second and one hundred percent increase in the token value with high liquidity.