As the bears ravage the crypto markets, causing prices of assets to take a sharp downturn, McDonald’s and Walt Disney have overtaken Ethereum in terms of market capitalization.
Ethereum’s Market Cap Falls to $150 Billion
The Binance – FTX drama continues to exert unfathomable bearish pressure on the crypto market, causing Ethereum (ETH), and other altcoins to shed double digits. In the last 24 hours, the price of ETH has fallen by more than 18% as the crash rumbles on.
The 24-hour price chart for Ethereum (ETH). Source: CoinMarketCap
The price of Ethereum has fallen from $1,560 to as low as $1,220. At this time of this writing, the market cap of Ethereum stands at $151 billion, from over $200 billion during the weekend.
McDonald’s and Walt Disney flip Ethereum
The plunge has sent Ethereum spiraling down the market capitalization ranking. In the last 24 hours, Ethereum has dropped 23 positions, falling from 48th to its current position at 72.
The sudden crash has seen the likes of McDonald’s, Walt Disney, Wells Fargo, and many others overtake Ethereum in terms of valuation.
In addition to the drop in market capitalization, Ethereum has been slowly losing its dominance in the crypto market. ETH is currently at 17.15%, from over 20% in September.
On the Flipside
- Changpeng Zhao, the CEO of Binance, despite being a direct cause of the market crash has advised Ethereum investors to stay strong and SAFU (Secure Asset Fund for Users).
Why You Should Care
Ethereum’s plunge in the market cap ranking is the result of the extremely hard impact of the liquidation of FTX and Alameda Research.
To understand the reason behind the market crash, read:
FTX’s ETH Reserves Drop to the Lowest Level Since November 2020 After Binance Begins Dumping all FTX Tokens on its Books
Read about Binance’s proposed acquisition of FTX below:
Binance to Acquire FTX to Help Cover Liquidity Crunches