Ethereum loses more than 10%, plunges below $340

Currency: Ethereum loses more than 10%, plunges below $340

Today at about 7.30 pm GMT, Ether was traded at $338. Also, data retrieved from Coingecko showed that ETH lost over 10% in the day. The price decline pushed Ethereum’s market cap down to about $38 billion, or 11.7% of the total cryptocurrency market capitalization. At its highest, Ethereum’s market capitalization was about $136 billion.

Ethereum presently hovers around the $338.54 to $392.90 price levels. That said, it should be noted that over the past week, it has seen a plunge in value, losing 11.77%. The trading volume of Ethereum at the time this report was drafted stood at around $18 billion. It has traded in the range of $337.3175 to $488.2359 in the past 7 days.

SEE ALSO: NNPC Upbeat Over Proposed $2.3bn Domestic Gas Market

What you should know: Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner, while all states and data are distributed and publicly accessible.

The native currency that flows within the Ethereum economy is called Ether (ETH), which is typically used to pay for transaction fees; it is also the base currency of the network.

On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.

Original article by Nairametrics

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