This month has been a remarkable one in the crypto space. The crypto market crash of this month remains the highest since the beginning of this year. Even the top coins haven’t been spared. Many of them are hitting 12-month lows. The broader crypto market is down by 4.2% today. However, Ethereum, Solana, metaverse, and gaming tokens are huge dips.
Why ETH Price Is Falling
According to Coinmarketcap data, ETH is experiencing a 7.42% dip in the last 24 hours; it currently trades at $1,729. Since March last year, it is the first time that the ETH price will dip to this low price. Compared to last year, ETH was bullish and moving on its way to a new peak price.
The Beacon chain is part of the process to help Ethereum become a PoS consensus network. The public’s knowledge about the reorg caused panic among investors, leading to nearly $158M liquidations of the second leading digital asset.
The SOL Price Decline
SOL is also on a decline today. SOL is experiencing a 9% decline within the last 24 hours. According to Coinmarketcap data, SOL currently trades at $41.06. It dropped up to $40 earlier today. It is the first SOL’s price will be this low since last august.
Solana also had technical issues like Ethereum. According to the official statement, there was a clock off on the network for 30 minutes during the night. This clock-off is longer than usual.
Solana labs CEO, Raj Gokal, tweeted about the incident, calming worries over a possible security breach of the network. However, a statement from the official Twitter account of Magic Eden states that the clock-off prevents minting operations on the Solana-built NFT platform.
Avalanche (AVAX) and Cardano (ADA) are two other cryptos among the top 20 cryptos experiencing a decline in price today. The former trades at $23 after a 9% decline, while the latter trades at $0.46 following a 7% decline.
The Decline In The Price Of Metaverse And Gaming Tokens
Similarly, the significant loss in Stepn value has a ripple effect on other metaverse and gaming tokens. Stepn’s price started falling following its announcement that it would no longer allow mainland china residents to access its services.
Stepn blames China’s crypto clampdown as the reason for its new decision. However, Stepn tokens are on a freefall since many of its developers are China residents.
Also, the value of the BAYC native token, Apecoin (APE), has dipped by 10.9% within the period under review. It now trades for a little over $6. AXS, GALA, and MANA tokens are also on the decline. They are down by 9%, 8%, and 8.5%, respectively, in the last 24 hours.