Cryptocurrency analytics firm Santiment has published a new assessment of Ethereum (ETH), which has been criticized by the crypto community for its recent poor price performance.
Ethereum’s total market cap has fallen by 36% compared to just seven weeks ago. According to the analytics firm, this decline has brought a major drop in the percentage of ETH currently in profit since its initial release. When the percentage of coins in profit at the time of the daily close is evaluated, it has fallen to its lowest relative value in the last four months, and in terms of the number of coins in profit, it has marked a three-month low.
According to Santiment analysts, the crypto community has become increasingly negative towards the world’s second-largest cryptocurrency due to its poor performance compared to other major altcoins. Given the rising FUD and the increasing tendency of retail investors to sell their coins, analysts predict that there could be surprise jumps in ETH prices as the cryptocurrency market begins to stabilize.
The world’s largest altcoin is trading at $2,622 at the time of writing.
*This is not investment advice.
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