Despite the successful competition on The Merge on the Ethereum mainnet on Thursday, September 15, ETH and the majority of other cryptocurrencies lost value last week. While the total market capitalization peaked at $1.1 trillion on Tuesday, it took a dive towards the $1 trillion line on Wednesday and dropped below this psychological line soon after The Merge was completed. Possible culprits for the downward trend include growing inflation as crypto market plunged in correlation with the stock market. Furthermore, the red numbers could also be a result of hype-driven investors and speculative traders dumping their ETH soon after the big event was behind us, as ETH ended the week as one of the biggest losers, ending the week with an almost 20% loss.

Author: