The price of Ethereum (ETH), the second largest cryptocurrency by market capitalization, has fallen 5% amid a broad market selloff.
Ethereum’s price declined 5.3% on Oct. 23, taking its price under $2,490 U.S., as the American stock market sold off for a third consecutive day.
The decline led to Ethereum making a new low against Bitcoin (BTC), with the ETH/BTC ratio falling to its lowest level since April 2021.
Ethereum’s price also declined vis-à-vis cryptocurrency Solana (SOL), which is one of its biggest competitors in decentralized finance (DeFi).
However, Ethereum is not the only cryptocurrency to drop alongside U.S. equities.
The CoinDesk 20, which is an index of the top 20 cryptocurrencies by market capitalization, has declined 2.6% in the past 24 hours.
Bitcoin’s price fell 2.3% to $66,000 U.S. before recovering and moving back about $67,000 U.S.
Analysts say cryptocurrency prices are likely to remain volatile leading up to the Nov. 5 U.S. presidential election, with polls showing a dead heat between Republican nominee Donald Trump and Democratic nominee Kamala Harris.
Crypto prices are also being pressured by a decline in equity markets, with the S&P 500, Nasdaq, and Dow Jones indices each falling in recent days.
Stocks tied to crypto are also on a downward trajectory, with Bitcoin miner MARA Holdings (MARA) dropping 5% on Oct. 23 and crypto exchange Coinbase Global (COIN) falling 6%.
