Ethereum lost almost 45% in price due to “Black Thursday”



Ethereum lost almost 45% in price due to 'Black Thursday'

Ethereum lost almost 45% in price due to “Black Thursday”

  • Ethereum isn’t the only one hit by the financial market crash

  • The largest losses were recorded for projects related to smart contracts

  • Ethereum is up more than 100% a couple of months before the March collapse

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The collapse of the price of ether cryptocurrency per day became the largest in the entire history of the ecosystem.

During Black Thursday, the ethereum (ETH) cryptocurrency lost almost 45% of its value in just a day, according to the analytical service Messari..

The one-day drop was the largest in the history of the cryptocurrency ecosystem.

Ethereum lost almost 45% in price due to 'Black Thursday'

$ ETH marked a 2% gain on the quarter despite its Black Thursday losses, up almost 50% from March 12

The top smart contract platform assets finished the quarter strong, rallying 22% between March 12 and March 31

– Messari (@MessariCrypto) April 14, 2020

From January 1, 2020 to February 15, the ETH cryptocurrency was able to rise in price by more than 100% (~ 119%), becoming one of the fastest growing assets in the first quarter of this year. However, starting on February 15, the cryptocurrency went into a protracted decline that ultimately formed into a sharp price collapse..

Complex fall

According to Messari, the Ethereum blockchain smart contracts sector also posted impressive gains in the first quarter of 2020 before the coronavirus pandemic hit traditional financial markets..

Until mid-February, according to an analytical service, the smart contracts sector paid off on average by 110%.

However, the impact of market uncertainty in the face of the Chinese virus has taken its toll on this sector, resulting in an average ROI of smart contract-focused platforms of -4% as of March 2020.

Scaling up risks

The hardest hit were cryptocurrency scaling projects like Celer Network (-57%), Raiden Network (-35%) and Matic Network (-26%). The average amount of loss of projects focused on scaling was -27%.

The situation is much worse for projects focused on the compatibility of the Ethereum blockchain with other networks. In this sector, the most lost projects were Cosmos (-55%), Wanchain (-46%) and Komodo (-28%).

Ethereum lost almost 45% in price due to 'Black Thursday'

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Messari notes that in Q2 the most important trends will be the attention around the launch of Ethereum 2.0, the formation of “ETH killers”, and the staking market will continue to be under pressure from centralized validators and exchanges..

Earlier we wrote that in a financial crisis, the DeFi marketDecentralized finance (DeFi) is a financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More was unable to maintain its value. As a result, the network was overloaded, which was reflected in short-term panic sales..

We also wrote that the Bloomberg terminal first started displaying ETH addresses for companies that decided to try their business in the cryptocurrency field..

What do you think? Is another bullish spurt in ETH possible ahead of Bitcoin’s May halving? Share your thoughts with us in the comments.


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