- Ethereum traders have been the worst hit as the crypto market continues to fall.
- Bitcoiners jeer at Ethereum enthusiasts as ETH steadily declined since last week.
- Historical data shows that ETH had increased by 47% from $889 in the last 90 days.
As the crypto market continues to rally in the red zone, traders betting on the price of Ethereum (ETH) have been the worst hit. According to data from CoinGlass, over 7,000 units of the Ethereum tokens, equivalent to around $9.25 million, have been liquidated across multiple crypto exchanges in the last 24 hours.
Ripple (XRP) comes after ETH, with traders losing over $8.72 million worth of XRP within the same time frame. The most popular crypto, Bitcoin (BTC), came fourth with $6.58 million in liquidation.
On average, traders who bet that ETH would increase in value bore the brunt of the liquidations, where 72% of traders on the Huobi crypto exchange lost more than $470.43 thousand. However, Binance traders mostly bet on the price of Ethereum falling, with 69.33% losing $1.97 million out of the $2.84 total liquidation value.
Since the Ethereum blockchain migrated to the energy-efficient proof-of-stake mechanism, the price of ETH has been performing woefully among the top ten cryptocurrencies. Bitcoiners have since been cheering and jeering as the price of ETH continued declining.
ETH currently trades at $1,332.63, with an 8.38% drop in the last seven days, and BTC trades at $19,102.20 with a 4.73% fall. While it appears BTC is holding up better than ETH in the bear market, crypto investor Scott Melker argued that ETH still trades 50% above its June price.
I see a lot of Bitcoiners celebrating the drop of Ethereum price.
Ok, fine, have at it.
But ETH is still trading 50% above it’s lows, while Bitcoin is less than $1,000 above the June price, a few percent.
ETH is wildly outperforming still.
— The Wolf Of All Streets (@scottmelker) September 19, 2022
Indeed, historical data from the market tracking website, CoinMarketCap, shows that Ethereum’s current $1,332.63 price still counts as a 47% increase in the last 90 days.