Flash crash: Ethereum [ETH] spews blood as bear attack destroys the $99 support

Flash crash: Ethereum [ETH] spews blood as bear attack destroys the $99 support

The bear market has shown no mercy on the cryptocurrency markets as several coins saw support breaks and price spirals. Some cryptocurrencies were more affected by the bear attack, some more than others, with Ethereum [ETH] being a prime example. Ethereum, which had earlier fallen below the $100 mark, has done it again, but this time around, the Vitalik Buterin co-founded cryptocurrency has gone even lower.

At the time of writing, Ethereum was sliding by 7.12 % and was trading for $98.87. The cryptocurrency held a total market cap of $10.455 billion and a 24-hour market volume of $2.176 million. Ethereum bear woes came into the limelight a few weeks back when XRP, replaced Ethereum as the second largest cryptocurrency on the charts. The disparity between the market caps has also increased, with the current difference being close to $4 billion.

A majority of Ethereum’s trading volume was coming from Coinbit, with Ethereum transactions worth $176.672 million being conducted on the cryptocurrency exchange. Coinbit was closely followed by OEX, which had a hold on 6.31% of the total ETH trade.

The price slide has seen a significant part of the Ethereum user base panic, especially with attacks coming in from all quarters. Justin Sun, the Founder of the Tron Foundation and its CEO, has stated multiple times that users need to shift from the Ethereum network to the Tron network.

This statement has always been followed by the Tron official giving out numbers that show that Tron has started surpassing the daily transactions of Ethereum, and sometimes Ethereum and Bitcoin combined.

One of Ethereum’s Co-Founders, Joseph Lubin, had commented on the cryptocurrency market as well as blockchain technology recently, with him stating:

“I believe in #blockchain technology because of the people behind it. The developers, engineers, and technologists who #BUIDL The smart contract experts who audit and secure the code The designers who care deeply about user experience The marketers who tell the story of Web3″

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