This indicates that ETH’s market cap is deteriorating much further during this market crash than the top crypto asset. So far this year, ETH has gone down by 42.9% and its price at the time of writing stands at around $1,880 per coin.

Other competing altcoins like Solana (SOL) and BNB Chain (BNB) have performed better during this period as they have experienced milder losses of 35.6% and 22.3% respectively.

This severe weakness has pushed Ethereum’s dominance to its lowest level since May 2020 at 8.8%. In addition, the total value locked (TVL) within the Ethereum network has collapsed from its December local peak of $74 billion to $45.8 billion.

However, investors have not been pulling out money from the ecosystem despite the market’s depressive attitude. The amount of stablecoins held within the Ethereum (ETH) has actually grown from around $111 billion on December 31 to $122 billion at the moment.

Crypto liquidations have skyrocketed in the past 24 hours to $908 million. A total of $202 million worth of ETH long positions have been flushed out of the system during this period.

The severity of ETH’s 24-hour drop has almost equaled the amount of liquidations that BTC traders faced during this period, which is not a common occurrence.