ETH price decreased by 1.9% and reaches a seven-month low

Oct 13, 2023
Ethereum is trading today at its lowest price since March 2023. ETH price at the time of writing this article is $1.5 thousand. Against the background of news about rising inflation in the United States, the price of cryptocurrencies has been declining for the fourth day in a row this week.

In the market report, ByteTree analysts stated that ETH is a long–term project, but at the same time it is losing its attractiveness as an investment. The reason for this is a decrease of the network’s revenue from commissions, a decrease in the number of tokens burned and a gradual decrease of the staking profitability.

Meanwhile, BTC has fallen in price quite slightly and is trading at $26.6 thousand. Bakkt CPO Dan O’Prey noted that one of the reasons for BTC’s superiority over other digital assets is its relative security during periods of uncertainty.

Solana (SOL), toncoin (TON) and Avalanche token (AVAX) fell by 3%. The S&P 500 and Nasdaq indexes fell by 0.6%, and the US dollar index (DXY) grew by 0.8%, thereby increasing pressure on cryptocurrencies.