Ethereum drops more than 1% amid market-wide losses

Ethereum lost more than 1% in spot trading today, the second loss in the last three days, with most the major cryptocurrencies in the market moving in a negative territory at the current moment, in a move that seems to mark the end of the recovery that has dominated the market during In the recent period, as a new stimulus is needed until another wave of recovery begins.

On the Bitstamp Stock Exchange, by 11:50 GMT, Ethereum is trading around $251.95, down $2.73 or by 1.1%, from the opening price of $254.68, with a high of $261.41 and a low of $250.20.

Yesterday, Ethereum gained 0.9%, reversing a 3.2% loss on the previous day, due to slowing in investment demand levels on the world's second-largest cryptocurrency.

The total market value of cryptocurrencies on Wednesday fell by $5.5 billion to a total of $245 billion, with most of the major currency prices falling in the market.

Most of the major cryptocurrencies are retreating in the market led by Bitcoin, in a move that seems to signal the end of the recovery that has dominated the market in the recent period, as a new stimulus is needed until another wave of recovery begins.

Some crypto experts predicted that after the large bullish run in the market's leading cryptocurrency prices, there would be a saturation level that would lead to price deflation for several weeks.

On the other hand, the Ethereum Foundation announced on Tuesday the allocation of $30 million for the Ethereum network development over the next year, as the allocation must be to three main sections on the network.

The first section takes $19 million for future projects, the second $8 million for existing projects, and the third section $3 million to support developers.

A large part of the funding will be allocated to "Ethereum 2" projects including customer teams, research, documentation, communications and second-tier projects such as plasma.