The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has collapsed by 10%, according to data provided by CoinGecko.
The altcoin has plunged to an intraday low of $1,601, and the sell-off is seemingly getting worse.
Bitcoin, the leading cryptocurrency, has also tanked below the $79,000 level, reaching a new intraday low of $78,882. However, its losses are not as catastrophic as those of Ether. The ETH/BTC ratio has now collapsed to the lowest level since March 2020.
Gamza Khanzadaev"I, for one, am super excited to get to buy ETH at double digits again," analyst Adam Cochran joked on X.
Dogecoin (DOGE) and Solana (SOL) are also close to recording double-digit losses.
The cryptocurrency market is getting crushed after the U.S. stock market lost more than $6 trillion in two days earlier this week.
Alex DovbnyaEven though Bitcoin performed surprisingly well during the aforementioned crash, it is now showing its risk-on side once again.
Jason Calacanis, a prominent American angel investor, has predicted that Bitcoin could potentially plunge to $60,000 this year.
According to Fox Business reporter Charles Gasparino, major Wall Street trading desks are preparing for very intense selling. He has compared the current sell-off to the 2008 market crash.
Vladislav Sopov
Dan Burgin