What Drove Ethereum's 11% Decline This Past Week?
Perhaps the most essential and integral piece of financial plumbing in the world of decentralized finance (DeFi), the Ethereum (CRYPTO: ETH) network is an absolute behemoth among layer-1 networks.
The first project to provide smart contract technology at scale, a significant percentage of all on-chain applications run on Ethereum's robust network, in part due to its longtime standing and existing user base (i.e., network effects), but also as a result of the incredible security the Ethereum network provides relative to other faster and cheaper networks in the market.
With that said, I think it's worth diving into Ethereum's 11.8% weekly decline as of 10:00 a.m. ET on Sunday, and what drove the world's second-largest cryptocurrency toward its lowest levels of the year. I was actually shocked to see that on a year-over-year basis, this decline has now pushed Ethereum into the red on this key metric as well.
Source Fool.com
