09-18-2022 icon

Ethereum Down by 19% during Merge Week

By Lucy Adegbe
Ethereum

World’s second-largest cryptocurrency by market capitalization, Ethereum, is down by 19% in the last 7 days.

This is even as the long-awaited transition to a proof-of-stake network took place last Thursday as planned.

Following the merge, Ethereum dipped 8% to below $1,500 and continued falling. At the time of writing, Ethereum is exchanging hands at  $1,430.

As Ethereum began the weekend at $1,424, the coin took the biggest losses among the top 30 coins by market capitalization this week.

24hrs ETH/USD price chart

Similarly, Bitcoin dipped by 7% at the beginning of the weekend and trades around $19,910 at the time of writing.

Among the losers were the Near protocol (NEAR), which sank by 10%, Avalanche dropped to $18.66 and Polkadot fell to $6.87.