ETH alongside a number of other cryptos — including Solana, Terra, Cardano, etc — have registered major losses over the past week.
- Ethereum’s 12-month gains currently stand at 50%.
- Solana’s has lost approximately 48% of its value since the start of 2022.
- Ukraine’s ETH, USDT and BTC donations currently stand at over AU $54 million (approx).
Ethereum, the world’s second largest cryptocurrency by total capitalization, has continued to track the movements of the crypto market at large, dipping as low as AU $3,450 after having scaled up to a relative high of AU $3,600 over the last 24 hours. As a result of its ongoing price volatility, the altcoin is showcasing monthly losses of 15% while trading at a price point of AU $3,434.
These bearish movements have been spurred by a major meltdown witnessed by the global equities sector, with the market having been on the receiving end of a AU $3.92 trillion (US $2.9 tn) wipeout since the start of the month.
Ethrereum hasn’t been the only altcoin to be experiencing such a freefall, with recent investor favourite Solana (SOL) also recording a brutal year-to-date correction of over 48%, resulting in the total cap of the digital asset industry collectively slipping from AU $3.38tn (US $2.5tn) to AU $2.3 tn (US $1.7 tn) over the last sixty plus days.
Solana’s dismal performance can, in large part, be attributed to the network facing a total of six major outages between Q4 2021 and early 2022. Infact, the most recent incident which took place in January was linked to a distributed denial-of-service (DDoS) attack, resulting in the platform’s dev team having to overhaul its native code structure in a big way.
Additionally, there have also been fears that Solana is becoming increasingly more centralised, with the cost of becoming a validator within the network increasing greatly in recent months — allowing only a select few individuals being able to acquire the recommended hardware (i.e. a 12 core 2.5+…
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