The ongoing market crash has hit Ethereum’s ecosystem particularly hard. This is evident by simply observing the performance of altcoins from this sector.
Lido DAO’s price has dropped by 27% today, making it the worst-performing altcoin among the top 100 by market cap. Lido DAO is a decentralized autonomous organization (DAO) that provides liquid staking solutions primarily for Ethereum and other Proof of Stake (PoS) blockchains such as Polygon, Solana, and Polkadot.
Arbitrum’s price has also fallen by over 20% today, now trading below $0.5, its lowest level in over a year.
It appears that the Ethereum ecosystem has reacted most severely to this crash, which explains why LDO and ARB prices are dipping so dramatically.
Ethereum Name Service (ENS) price has also declined by 25%, further highlighting the impact on Ethereum-based projects.
Factors Contributing to the Market Downturn
Several factors have contributed to today’s crash:
A $370 million liquidation has sent shockwaves through the market during early hours CET on Monday.
Large-scale Ethereum sales by Jump Trading have added to the selling pressure.
Geopolitical tensions, including potential conflict between Iran and Israel, have increased market uncertainty.
Economic indicators such as Berkshire Hathaway’s stock sell-off have raised concerns about broader market stability.
Political uncertainties in the U.S. have contributed to the overall market instability.
The interconnectedness of global finance has amplified the effects of these various factors.
Specific incidents, like the investigation of price manipulation in Korea, have further exacerbated the downturn.
These combined factors have created a perfect storm for the crypto market, with Ethereum-based projects bearing the brunt of the impact.
Next Big Airdrop?
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +Show less –
Read also: Bitcoin’s Last Stand? Expert Spots Rare Double CME Gap as BTC Nears $44K-$51K Support
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
The post Ethereum Ecosystem Takes a Hit: Lido DAO (LDO) and Arbitrum (ARB) Prices Plummet appeared first on CaptainAltcoin.
