The cryptocurrency market is down more than 4% over the last 24 hours, shedding more than $73 billion in market cap, according to data from CoinGecko, and layer-1 blockchain platforms outside of Bitcoin (BTC) have taken some of the hardest hits during that span.
Ethereum (ETH) has shed more than 6% of its value over the last 24 hours, currently sitting at a price of $2,861. The second-largest cryptocurrency by market cap has bounced back from recent lows around $2,750 twice over the last week, but is trending downward again this morning.
Competing platforms like Solana (SOL) and Avalanche (AVAX) have seen even larger declines over the last day. Both are dubbed “Ethereum killers” and seen as chief rivals to Ethereum’s dominance in the worlds of DeFi, peer-to-peer lending and trading, and NFTs—those crypto collectible tokens that have moved billions in value since the start of year.
Solana is currently down nearly 10% over the last 24 hours at a price of $131. SOL climbed dramatically over the course of August and early September, rising from a price of just $35 on August 1 to an all-time peak above $213 earlier this month, per CoinGecko.
Avalanche, also a big gainer in recent weeks, is down nearly 8% over the past day at a current price of $64. Like Solana, Avalanche has popped since the start of last month, rising from about $13 on August 1 to an all-time high above $79 on September 23.
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