Ethereum’s successful Merge on Thursday preempted a dip on its market price to US$1,470, which is roughly 15% lower on the seven-day period.
Stakeholders seem unruffled though, as a ‘sell the news’ dip was expected. Further downward price pressure could be expected though – exchange inflows are high indicating more selling could be on the horizon.
It’s business as usual for Bitcoin though, hovering just below the US$20,000 support line at a 4% week-on-week discount.
All major network tokens including Cardano, Solana, Polkadot and Polygon have outperformed ETH this week, having dipped closer to 5% on their respective market capitalisations.
One exception is Cosmos’ ATOM token, which is currently valued at US$4.2bn after gaining 5% over the past seven days. According to CoinTelegraph, ATOM is enjoying an uptick in developer interest in the highly scalable blockchain network.
Among the worst hit this week are Terra classic (LUNC), Gnosis (GNO), Kusama (KSM) and the EOS blockchain token.
The crypto markets as a whole currently stand at US$963bn, roughly 6% down week on week. Moving onto the decentralised finance (DeFi) space, total value locked across all protocols is US$54.5bn, representing a weekly dip of 6.7%.
Aave, Synthetix, dYdX, Lido and MakerDAO all experienced double-digit losses to their market capitalisations.