The cryptocurrency market has experienced a significant downturn this week, with most top coins showing substantial declines. Amid this volatility, Ethereum has marked a notable milestone. On June 22, the median Ethereum mainnet gas fee dropped to 2.95 gwei, the first time it has been below 3 gwei since late January 2020. This is the third lowest daily gas fee recorded in the past five years. Currently, the Ethereum mainnet gas fee stands at a mere 2.3 gwei.
Market Overview
As of the latest update, Bitcoin (BTC) is priced at $62,881.52, down 2.58% in the last 24 hours and 5.27% over the past week. Despite its recent losses, BTC still maintains a 17% upward trend.
Ethereum (ETH), the second-largest cryptocurrency by market cap, is trading at $3,405.65, having dropped 3.06% in the past day and 6.15% over the week. ETH’s trend remains positive at 16%, and its gas fees have hit an unprecedented low, offering some relief to users.
Major Decliners
- Solana (SOL): SOL saw one of the steepest declines, falling 5.82% in the last 24 hours and a staggering 14.61% over the week, with a trend of 15%.
- Binance Coin (BNB): Trading at $574.39, BNB decreased by 3.01% daily and 5.51% weekly, holding a 17% trend.
- Shiba Inu (SHIB): Known for its volatility, SHIB dropped 4.56% today and 15.57% in the past week, with a 9% trend.
Notable Performers
Despite the overall downtrend, a few coins managed to perform relatively well:
- Toncoin (TON): Priced at $7.4397, TON only declined by 1.37% in the last 24 hours but has shown resilience with a 66% positive trend, despite a 5.99% weekly drop.
- TRON (TRX): TRX stands at $0.1191, down 0.91% today but up 1.01% for the week, with a 57% trend.
- LEO (LEO): This coin bucked the trend, rising 0.87% in the last 24 hours, though it’s down 2.90% for the week. LEO’s trend is positive at 56%.
Other Significant Movements
- Avalanche (AVAX): Down 1.86% daily and 16.28% weekly, AVAX’s trend remains at 11%.
- Polkadot (DOT): Trading at $5.6750, DOT dropped 1.65% and 10.53% for the day and week, respectively, with a 15% trend.
- Matic (MATIC): Declining by 5.58% today and 6.37% for the week, MATIC’s trend is still positive at 19%.
The crypto market is currently in a bearish phase, with most top coins showing declines both in daily and weekly performances. However, Ethereum’s significant reduction in gas fees is a positive development amid the market turbulence. Investors should stay informed and consider market volatility when making investment decisions.
As always, the crypto market is unpredictable, and it remains to be seen how it will perform in the coming weeks.