Ethereum (ETH) Price Predictions as USD Coin (USDC) Loses Market Cap & Investors
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Ethereum (ETH) had The Merge recently, which went down as a ‘sell-the-news’ even for traders as Ethereum’s price plummeted by over 30%. USD Coin (USDC) market cap incline has stopped and started to decline after Binance converted all USDC into BUSD.
Weeks before the Merge, Ethereum was soaring amid traders' high anticipation, and USDC market cap was rising - what a difference a few weeks can make.
Amid this murky momentum, traders have shifted their attention to The Hideaways, which analysts confirmed to have a long-term hold and a bear market gem with a potential for 500x.
The world's second-largest cryptocurrency by market capitalization, Ethereum (ETH), gave up all of its gains from the previous months after the completion of The Merge event.
It is the transformation of the Ethereum Mainnet blockchain from the proof-of-work (PoW) to the proof-of-stake (PoS) chain.
Traders responded to the upgrade as "buy-the-rumor" and "sell-the-news" In the middle of the market's excitement, Ethereum's price has been surging by 35.15% over the past three months.
However, following the blockchain's transformation, Ethereum lost 16.00% of its value and traded below the support zone of $1,440.
As of September 21, 5 days after The Merge's completion, the ETH token tumbled 8.21% to the price of $1,277.62.
Looking back, Ethereum is down by 40.30% since the Merge and, much worse, dropped 58.89% since last year.
One of the issues has been it’s now more centralized compared to being on PoW, an issue similar to USDC.
The second-largest stablecoin and the fourth-biggest cryptocurrency by market capitalization, USD Coin (USDC), lost much of its market
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