Ethereum Sheds 7.6% as Crypto Markets Stumble

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Over the past 24 hours, Ethereum has dropped 7.6%, falling just below the key $3,000 mark. At press time, the cryptocurrency is trading at $2,934, according to CoinGecko.

Expanding the timeline, however, reveals a much more bullish narrative.

In the past week, Ethereum is up a whopping 14.9%. Since July 20, when the asset was trading at $1,734, the number two crypto has risen nearly 70%.

These moves can likely be attributed to two key factors.

First, and as per usual, Bitcoin has also enjoyed a steady rise from its local lows around July 20.

At that time, Bitcoin fell below the crucial $30,000 price point, before mounting a run-up to $45,000 on Sunday evening. The leading cryptocurrency has today cooled off, shedding nearly 4% over the past 24 hours.

The correlation between the two assets is well known—when Bitcoin moves, the rest of the markets follow closely.

Over the past 30 days, the correlation between Bitcoin and Ethereum has been high and positive, according to data aggregator Cryptowatch. 

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