Ethereum Reserve Drops on Exchanges, See the Other Altcoins Favored by Crypto Investors

ETH Falls Following Massive Investor Liquidation on CEXs

When the crypto industry is in bear season, big-name cryptos like BTC and ETH tend to take the biggest hits.

Recently, Yahoo Finance analyzed a shocking Ethereum report from CCData. Analysts at CCData are saying Ethereum’s 5% market hold on US centralized exchanges has fallen by 20% since the US SEC approved Spot Ethereum ETFs for sale in July 2024.

During a Coindesk Interview with Jacob Joseph, the CCData research analyst revealed that the liquidity of ETH’s pairs on CEXs has dropped by nearly 45% since its yearly high in June. However, Joseph also noted that this trend could be an effect of the slowed trading activity in the summer and unfavorable market conditions in the wider crypto space.

With Ethereum investors exploring staking options, Ether ETFs, DEXs, and cold wallets for their tokens, ETH expectedly recorded a price dip in early September. On September 1, ETH sold for $2,478. A week later, ETH lost 7.66% and fell to $2,287. Like 2023, 2024 may deliver another end-of-the-year rally, and ETH will likely trade above $3,000 if that happens.

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Ripple Continues on its Mission for Global Conquest

On August 30, 2024, Markus Infanger, the senior vice president of RippleX, attended WebX Asia (Asia’s largest crypto conference). Speaking in Tokyo, Markus discussed the growing opportunities for TradFi in the RWA tokenization programs.

Also, the chairman of SBI Holdings, Yoshitaka Kitao, was present at this conference, and he said hello at Ripple’s booth.

Even though Ripple keeps making efforts to expand, regulations and legal tussles from the US keep splitting the token’s focus. Judge Analisa Torres recently asked the company to pay a $125 million fine in early August, per Bloomberg.

As a result, investors stayed bearish, and XRP lost 5.18% in the first week of September. XRP traded for $0.5708 on September 1 and later fell to $0.5306 by September 8.

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*This article was paid for. Cryptonomist did not write the article or test the platform.

Source: https://en.cryptonomist.ch/2024/09/12/ethereum-exchanges-reserve-drop-other-favored-altcoins-by-crypto-investors/