Ether Falls Toward $1.7K as Bitcoin’s Price Drop Weighs on Broader Market

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Ether Falls Toward $1.7K as Bitcoin’s Price Drop Weighs on Broader Market

Omkar GodboleJuly 20, 2021, 4:53 AM·3 min readIn this article: Ether and other alternative cryptocurrencies, popularly known as altcoins, are taking a hit alongside bitcoin‘s price drop, as the dour macro mood overshadows bullish idiosyncratic narratives. The native token of Ethereum’s blockchain is trading near $1,758 at press time, down 6% on a 24-hour basis. The cryptocurrency touched a three-week low of $1,721 early today, having peaked above $4,000 in May, according to CoinDesk 20 data. Other prominent altcoins like XRP, cardano, uniswap, chainlink, and stellar are nursing declines around 10%. Bitcoin, the crypto market leader, is down 5% at $29,700.“We’re seeing risk-off moves in equity, FX, and commodities,” said Edmond G., head of trading at B2C2. “Crypto isn’t immune from traditional market sentiment and is also caught up in the