The post Why is Ethereum Falling Today? Will it Break $2,700 This Week? appeared first on Coinpedia Fintech News
Ethereum surges around 6% in the last 24 hours, soon to lose 2%. Currently ETH is trading at $2,639 and still fighting to take an upper route, which looks very difficult to achieve looking at the market conditions. But the question is, what made Ether jump 6% and why did it lose 2%? Let’s explore the reasons behind these movements.
True Follower of Bitcoin
It is commonly known among crypto enthusiasts that Ethereum being the number two crypto on the market chart follows the leader of digital space. More than 95% of times, ethereum follows the pattern of Bitcoin, whether to rise or to fall. One major reason for this is market sentiments. Bitcoin has a market dominance of 56.4% while ETH has 14.3%. In any asset market, the asset with the top market dominance is followed by others. If investors lose confidence in Bitcoin, the market of Ethereum will also plummet.
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