$70 Billion Evaporated in 2 Hours As ETH Plunged From $1170 to 900

[EAA-ALLAH]

The total cryptocurrency market cap is down $70 billion in less than two hours following a massive correction across the board.

Source Link: https://cryptopotato.com/correction-time-70-billion-evaporated-in-2-hours-as-eth-plunged-from-1170-to-900/

[Lukasz]

The total cryptocurrency market cap is down $70 billion in less than two hours following a massive correction across the board.

Source Link: https://cryptopotato.com/correction-time-70-billion-evaporated-in-2-hours-as-eth-plunged-from-1170-to-900/

But we still should agree that eth is overpiced for its utility as such significantly high price affects gas prices which is in contrary to eth underlying purpose as being a layer 1 for other utilities and at 20 usd per slow confirmation time is just not happening

[Astra]

The total cryptocurrency market cap is down $70 billion in less than two hours following a massive correction across the board.

Source Link: https://cryptopotato.com/correction-time-70-billion-evaporated-in-2-hours-as-eth-plunged-from-1170-to-900/

But we still should agree that eth is overpiced for its utility as such significantly high price affects gas prices which is in contrary to eth underlying purpose as being a layer 1 for other utilities and at 20 usd per slow confirmation time is just not happening

I don't think the recent ethereum price of $ 1,300 - $ 1,400 is overpriced. However, if the current general drop in prices in the cryptocurrency market reduces the ethereum problem with the high price of gas in transactions, then so be it, as I see some new DeFi projects moving to other platforms, including Tron.
So far, the current general drop in prices in the cryptocurrency market is very strong. Most likely, this time the correction will be deeper and stronger.